No room to move up the property ladder

The property market is facing a lockdown because people cannot justify spending thousands of pounds just to live somewhere with one extra bedroom, according to one housing expert.

Research by the National Association of Estate Agents shows that there is a slowdown in the property market around Christmas because less buyers and properties are available.

Paul Holmes, of first-time buyer adviser Firstrung, said: "I think an awful lot of people are clueing in on how expensive it is to move up the property ladder.

"A lot of people can''t see how to justify an extra £112,000 for an extra bedroom. So I think the market could be facing, as you would term it a slump, but I think it could be facing a lockdown from so many angles."

He added that with the amount of extra costs faced by homebuyers, the nation is reaching the point now where there''s nothing left to be squeezed out of the situation to encourage people to buy.


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