First-time buyers 'need patience'

Buyers considering waiting before securing a mortgage on a new property should see purchasing a house as a sound investment, according to the National Association of Estate Agents (NAEA).

The NAEA claims that economic uncertainty has hit consumer confidence and many buyers are holding out for market conditions to return to normal before making a purchase.

Sales are dropping as a result and there has also been a reduction in the number of new build homes coming onto the market despite continued demand, the association reports.

A spokesperson for the NAEA said: "There has been a stream of negative information portrayed in the media and despite all of the pessimisms surrounding the industry a property should still be seen as a sound investment."

Writing for the BBC, Robert Peston claims that Gordon Brown''s attempt to "reignite the mortgage market" with the Special Liquidity Scheme was nothing more than a way of preventing banks from falling over.

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