Wednesday, June 4, 2008
Hometrack – “10% fall in prices will enable a fifth of those currently priced out of the market to buy a two- or three-bedroom home”
Falling house prices may mean tens of thousands of young working households are able to buy a home this year for the first time, a report says. The analysts Hometrack say a 10% fall in prices will enable a fifth of those currently priced out of the market to buy a two- or three-bedroom home.Their report says 28% of young people in work in the UK are unable to buy even their cheapest local properties. The situation is worst in London, followed by south-west England. The most affordable part of the country for home buyers is the North East where only 17% of young households are priced out of home ownership.