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FTBs are ‘the new poor” - 3 August 2007

First-time buyers (FTBs) have almost no chance of getting onto the property ladder and radical changes are needed if the situation is to change...

That is the opinion of David Pretty, former chief executive of Barratt Developments, whose comments highlight the fact that sellers are also struggling to get rid of their properties as a result of FTBs being unable to buy.

Mr Pretty has penned a statement to housing minister Yvette Cooper, stating that FTBs are the "new poor".
He outlines ten measures that he wants to see introduced in order to help FTBs and protect the market.

Mr Pretty added: "Gordon Brown has stated that tackling the housing crisis is a priority and I certainly welcome that, but urgent action is needed to prevent first-time buyers becoming an endangered species. Today, affordability is no longer just a London and South East problem – it affects all towns and cities across Britain."

Prices forced downwards

The increasing lack of first-time buyers will cause more concern to vendors says National Homebuyers, director Julian King says: "As fewer buyers are available, your property price will suffer.

"The lack of buyers means that the housing market has to become more competitive in order to achieve a sale. Meaning that homeowners will be unlikely to get close to their asking price.

"Further inability to sell will in turn create further concern in the market, forcing prices further downwards."