First-time buyers 'should hold fire in 2012'

Posted by Emily Swanson

It would be wise for prospective first-time buyers to avoid entering the UK housing market in 2012, an expert in the industry believes.

According to Matt Griffith, spokesman for Priced Out, the next 12 months will be turbulent in the property sector, meaning the sensible option for most people looking to get on the housing ladder is to delay their plans for the time being.

Mr Griffith explained it is sensible to "batten down the hatches" next year and wait for a "saner" market with lower prices to emerge in the future.

Last week (December 9th), the Council of Mortgage Lenders revealed that monthly mortgage payments for first-time buyers have slipped to their most affordable level for almost eight years.

However, the Priced Out official insisted that the outlook for such purchasers remains "pretty grim" as "real wages are falling and deposit requirements look like they are staying stubbornly high". ADNFCR-2353-ID-801240295-ADNFCR

15/12/2011 12:11

News category: Property

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