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Housing market 'more transparent' for buyers
Tuesday, 25 November 2008
Life after graduation
Graduates seeking to establish a foothold on the housing ladder may be able to benefit from a "more transparent" market, it has been claimed.
National Association of Estate Agents president Chris Brown said this is something of a "silver lining" for the property market, which has suffered from falling values in recent months.
He added: "Prices are becoming realistic and we hope that this provides the boost needed to encourage those families who so desperately want to buy houses to get onto the market."
Mr Brown said the government's decision to cut interest rates from 4.5 per cent to three per cent earlier this month has been beneficial for those aiming to secure mortgage borrowing, but further reductions are needed in December to encourage more young professionals to buy their first home.
In addition, he claimed that the banks need to unite by passing the savings generated by falling interest rates on to consumers in the form of more appetising mortgage deals.
Meanwhile, in other housing news, research conducted by the Royal Institution of Chartered Surveyors indicated that the number of properties coming onto the rental market increased during the third quarter of 2008, potentially raising hopes of a reduction in prices for tenants.