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Houses prices drop for first-time buyers

Houses prices drop for first-time buyers

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House prices for first-time buyers have dropped considerably from March to April, new figures have revealed.

According to research by Moneyextra, the average value of a property being considered by a first-time buyer was £170,559 last month - a drop of 5.75 per cent compared to March.

And this is £20,000 less than the average property price considered by first-time buyers in December 2007.

Senior editor of Moneyextra Robin Amlot commented that the housing market is currently more favourable for buyers rather than sellers.

"While it may be getting tougher to get a mortgage now, it would appear that those first-time buyers who are in a position to buy are driving much harder bargains with sellers," he said.

However, first-time buyers were advised to wait and see what happens to the housing market by business development director at iammoving.com Peter Beckett, as buyers could end up in a negative equity session.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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