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Just when many analysts had come to terms with the 3.5% rise in retail sales in May and the fact this did not seem correct, June has seen a fall of 3.9% in sales – the worst fall in 22 years. The...
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Wednesday 7th May 2008
First time buyers are driving an increasingly hard bargain with sellers, according to new figures from an independent finance site.
In a poll conducted by Moneyextra.com, the average price which first time buyers are now prepared to pay for their first home stands at £170,559.
This represents a dramatic decline from December last year, when the sum they would be prepared to pay was 10.25 per cent higher at £190,040.
Robin Amlot, senior editor of Moneyextra.com, said that the figures are indicative of the way that first time buyers increasing reluctance to overpay for property is driving down prices.
He commented: "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.
"Housing is very definitely a buyers' market now rather than the sellers' market that existing homeowners had become used to."
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