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Decreasing number of new houses may be bad news for FTBs

22-Feb-2010

First-time buyers (FTBs) may have been hoping for the recent economic turbulence to result in a fall in house prices, easing their entry on to the first rung of the property ladder.

However, they may not have accounted for the trend that is now facing FTBs - a reduced number of new properties being built.

Figures from Communities and Local Government show that, in the final quarter of 2009, a seasonally adjusted total of 28,200 properties were completed.

This stands down by three per cent over the previous quarter, while year-on-year the total number of completed houses dropped 12 per cent, something FTBs may want to keep an eye on.

Previous figures from the government department implied that the 2008-09 financial year could be the toughest in almost two decades to get on to the first rung of the property ladder, based on new-build statistics alone.

During the 12-month period, fewer new construction projects began than in any year since 1990-91, when the nation was also feeling the fallout of economic recession.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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