“Higher mortgage rates and the cost-of-living squeeze on budgets means buyers can’t afford as much house as they once could,” he said.
“The squeeze is especially acute for first-time buyers, who haven’t built up the equity that allows them to trade up to another home.”
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He explained that while the consensus is that house prices will fall this year, it is a “more nuanced picture”.
“Property values may indeed fall in very stretched areas, and for other areas, prices may not change very much - if at all,” he said.
sonia.rach@ft.com
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