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More first-time buyers predicted if prices fall further

11-May-2009

The number of first-time buyers joining the market will increase if house prices re-adjust to a more affordable level, according to one industry expert.

Katy John, spokesperson for property price campaign group PricedOut.org.uk, said that her organisation wants the cost of housing to come down to help those with their first mortgages in place to get on the property ladder.

Recent surveys suggest that values have been falling, with Nationwide Building Society indicating that the cost of the average property dropped 0.4 per cent last month.

This was after a 0.9 per cent rise in the previous month, which came as a surprise to the industry after nearly 18 months of prices heading in the opposite direction.

Ms John said that buying a new property had become something of "an unattainable dream for most young people" over the course of the last ten years.

When house prices are at a more affordable level "we will see more first-time buyers genuinely thinking about purchasing again", she added.

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