/24-7PressRelease/ - LONDON, UK, December 25, 2007 - According to Halifax, one of the major mortgage lenders, the number of first-time home buyers in the UK has fallen to its lowest point since 1980. In the last five years, the house prices have increased by around 82 percent, making it difficult for the first-time buyers to gain a foothold on the housing ladder.
Around 300,000 first-time buyers entered the market in 2007, a drop of 15,000 from the figures a year ago. Halifax found that for an average first time buyer, 96 per cent of the UK towns was out of reach.
Martin Ellis, chief economist at Halifax, said: "Rising property values have priced many potential first time buyers out of the housing market. However, when they do enter the market, first time buyers are now more likely to be in their 30s rather than their 20s and buy a flat rather than a terraced house."
However, the Royal Institution of Chartered Surveyors (RICS) said in its latest monthly survey that first-time buyers, who were sidelined by costly homes, may take advantage of the softening housing market in the next year. Simon Rubinsohn, RICS chief economist, said: "There is huge pent-up demand from first time buyers and should house prices drop in the early part of the year, many will be ready to pounce, especially if more repossessions filter through into the market."
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