Individuals in the UK hoping to get their foot on the first rung of the property ladder may wish to delay doing so at present.
This is because Matt Griffith, spokesman for PricedOut, has noted the outlook for this group in 2012 is not looking too positive, with real wages expected to drop and deposit requirements likely to remain high.
The possible onset of another recession will not improve matters, while the crisis in the euro zone could result in banks tightening up their lending criteria even more.
Mr Griffith stated: ” First-time buyers would probably be wise to avoid becoming first-time buyers next year and batten down the hatches whilst they wait out for a saner housing market and lower prices.”
However, the expert noted one positive sign for those looking to secure a mortgage for the first time is the likelihood of house prices falling as well.
He explained this should make it easier for individuals to purchase a dwelling in the medium-term.
Mr Griffith was speaking after the Council of Mortgage Lenders recently reported that continuing low interest rates have resulted in monthly mortgage repayments standing at their most affordable level for nearly eight years.
