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First-time buyers 'take a wait and see approach'
23 April 2008
First-time buyers are struggling under the current market conditions and are likely to stall on taking out mortgages until the economy settles.
According to figures from the National Association of Estate Agents (NAEA), there has been a marked fall in the amount of first-time buyer activity in March.
NAEA president, Stewart Lilly comments: "The global credit crunch, squeeze on mortgage approvals and the media cloud that currently surrounds the property market are undoubtedly having effect on individual's decisions to buy or sell.
"There is a constant need to remind people that the underlying factors that hold-up the property market - low unemployment, historically low interest rates and a pent-up demand for houses - still exist.
"In fact, a number of NAEA agents from across the United Kingdom are still reporting stable property markets with many of their branches making steady sales."
Meanwhile, Chancellor Alistair Darling has urged mortgage lenders to slash the cost of home loans to curb the housing market slowdown. 
