First-time buyers 'continue to face difficulties'
Published: 23-May-2008
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With the impact of the credit crunch continuing to be felt throughout the UK economy, it is an extremely difficult time for those attempting to get themselves onto the property ladder.
That is according to Paul Holmes, chief executive of Firstrung, who claimed that conditions in the housing market are currently at their worst for first-time buyers.
This could potentially mean that a greater number of people will opt for private rented accommodation, spelling good news for buy-to-let landlords.
Mr Holmes commented: "It's as bad as it's ever been for first-time buyers but hopefully we are entering the period where it will start to be good again.
"Once all the froth disappears from the market place then hopefully it will be a time when first-time buyers can begin to thrive, but it's not going to be a short journey."
Recent figures from the Council of Mortgage Lenders (CML) revealed that the number of mortgage approvals fell to 46,500 in March.
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