Fall in house prices reflects mortgage difficulties

A fall in asking prices might not be enough for first-time buyers to get on the property ladder, it has been claimed.

Brits considering whether to move or improve may find it difficult to find a person in a position to buy their home, if recent comments from the Council of Mortgage Lenders (CML) are anything to go by.

Some may consider adding a conservatory or glazed canopy rather than putting their house up for sale, with many people struggling to find a home loan.

Commenting on recent figures from Rightmove – which show a 2.2 per cnet (£5,102) fall in the average asking price for a home – CML spokesman Bernard Clarke explained Brits would still find it difficult to obtain finance.

"[The price drop] reflects conditions in which it is still difficult [for] buyers affected by a shortage of mortgage funding and some will be worried about the continuing recession and they may have concerns about their job security," he stated.