Mortgage brokers warn about housing market affordability
A DEPOSIT scheme and waiving document duty for first-time buyers would help resolve the slump in house sales, a mortgage broker has said.
SPF Private Clients managing director Pierre Blampied was speaking after the latest figures for last year showed the lowest property sales in a fourth quarter since records began, with just 146.
'Salaries haven't been going up with the rate of house prices historically and we haven't seen a massive reduction in house prices to move in line with people's salaries,' said Mr Blampied. 'House prices are higher than the market can sustain.'
The total of local market house sales last year was 594. This follows 706 in 2013, 775 in 2012 and 841 in 2011.
Mr Blampied said he would like government to consider initiatives such as a deposit scheme for first-time buyers or waiving document duty. He said the danger was that more people would end up in private rental or living with their parents.
