No Silver Lining For UK First-Time Home Buyers Even If Prices Collapse

First-time buyers in Britain will struggle to get on the property ladder even if the coronavirus recession triggers a collapse in house prices, a leading thinktank has warned. Sounding the alarm after Britain’s economy plunged into the deepest recession since records began, the Resolution Foundation said house prices could fall by more than a fifth by summer next year. It said although this might sound as if it should benefit young adults looking to get on the property ladder, first-time buyers would struggle because the Covid recession would also drag down their incomes while banks made it harder to get a mortgage. Read more on the Guardian website.

https://www.theguardian.com/money/2020/aug/13/no-silver-lining-for-first-time-home-buyers-even-if-prices-collapse