(1888PressRelease)
August 26, 2007 - New figures from the Council of Mortgage Lenders (CML) show that just 35,600 FTBs purchased a property in June 2007.
This is a huge drop from the 39,800 recorded in June 2006 and is the lowest figure recorded for June since 2004.
Rising interest rates are thought to be largely to blame as affordability continues to fall.
The base rate currently sits at 5.75 per cent and this is putting FTBs off from entering a volatile market.
According to the CML, the average FTB now needs to spend 3.37 times their income in order to get onto the property ladder, up from 3.36 times in May and 3.22 times in June 2006.
Julian King of 'sell house fast' market leaders National Homebuyers says: "This is all bad news for homeowners. Fewer buyers entering the market means it is even more difficult to make a quick property sale.
"National Homebuyers receives thousands of calls from customers saying 'buy my house quickly' because putting it on the open market hasn't seen the necessary volume of viewers, let alone offers.
"With fewer buyers, it will push property prices down, leading to the predicted crash."
National Homebuyers is the UK's leading fast purchase property firm, guaranteeing a quick sale for vendors who need to sell their house quick.
Recent figures from the Royal Institution of Chartered Surveyors show that FTB enquiries plummeted in July to the lowest levels seen since August 2004.
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