Property price boom ‘has been a disaster’

The boom in the price of properties across the UK has been a disaster for many thousands of people not yet on the housing ladder, it has been claimed.

According to Paul Holmes, chief executive Firstrung, the dramatic increase in house prices has been good news for “middle England” but harmful to the prospects of younger consumers.

Would-be first-time buyers have been left with the prospect of a serious debt management burden if they want to get on to the housing ladder in a climate of falling prices, Mr Holmes maintains.

“Quite frankly, for first-time buyers it was not good news that property prices were going up, it was a bloody disaster,” said the Firstrung boss, whose company offers various solutions to people looking to get on the housing ladder.

The latest figures from Nationwide Building Society showed that April saw the sixth consecutive month of falling house prices in the UK.