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After several years of price rises, the UK housing market now seems to be going into reverse. Affordability problems, the credit crunch and nervousness among buyers all seem to be driving the slow-down.
First-time buyers are now adopting a ‘wait and see’ attitude when it comes to getting onto the property ladder, according to the National Association of Estate Agents (NAEA). Its recent report on the housing market, suggests that the first-time buyer’s market share reduced last month to 8.3 per cent from 11.7 per cent in February 2008. The squeeze on mortgage approvals has made it increasingly difficult and has contributed to the decline in first-time buyers.
The fundamentals of the UK housing market, remains strong, despite a moderation in property prices. The NAEA argues the strong economic factors underpinning the market have not changed-including low interest rates and high employment. However, as mortgage lenders tighten their criteria, clamping down on fixed rate and one hundred per cent mortgages, many first-time buyers are forced to merely dream about venturing onto the property ladder.
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