First-time buyers still being priced out, new report suggests |
19 2008 |
| House prices have continued to rise steadily over February, new figures show. According to the latest figures published by the property website Rightmove, asking prices for the month have been 3.2 per cent up on January. Such an increase is not only partly down to a decrease in supply - with estate agents competing for 132,000 new-listed properties in comparison to 144,000 in the same period of 2007 - but also a result of the introduction of Home information packs (Hips), which have added to the affordability issues being faced by prospective first-time buyers. In addition, Rightmove expects house prices across the UK to remain virtually static over 2008, thereby potentially leading to further demand for rental accommodation and professionals are unable to afford to buy their own home. Such affordability problems have also been highlighted in the fact that, according to the website's report, the average time a UK home spends on the market is currently at an historical high of 93 days compared to 78 days just one year ago.  |
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