PricedOut highlights potential problem for fixed rate mortgage applicants

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PricedOut highlights potential problem for fixed rate mortgage applicants

First-time buyers may be placed in "no man's land" if house prices stay at their current level for an extended period of time, according to a spokesperson for PricedOut.

Matt Griffith explained that it would be a positive turn of events for the government if prices could gradually be reduced in real terms, but the situation would not be quite so favourable for young people.

He claimed home ownership would be out of reach for a significant proportion of such consumers.

Mr Griffith added: "It is of course possible that house prices tread water for some considerable time – and wage inflation allows an adjustment of affordability in real terms."

The PricedOut representative stressed that this could make mortgages unaffordable for a relatively long time to come.

His remarks were made in response to the Rightmove Consumer Confidence Survey, which was published at the end of January and indicated more people than ever are expecting house prices to remain flat over the coming year.

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