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New first-time buyers needed, says exhibitor - Clip Ltd

18 Jun 2009

New first-time buyers are needed in the property market in order to drive "real recovery", it has been suggested.

Martin Gahbauer, chief economist at Nationwide, made his comments among the exhibition stands and shell schemes set up at the Chartered Institute of Housing Conference and Exhibition in recent days.

He suggested that many sellers have opted to let their properties rather than try and sell them, in a step that allows them to move home but also generate income from renting to tenants.

However, this has been a contributory factor to the housing market being "frozen" at the present moment.

In order to facilitate movement, Mr Gahbauer suggested: "You need a greater amount of first-time buyers coming into the market because that is really what will provide the necessary injection of equity to get things moving."

The exhibition, which began at the Harrogate International Centre on Jun 16th, concludes today.

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