ftbs slip off housing ladderThe number of first-time buyers entering the housing market in 2007 fell to a level not seen since 1980, according to the latest research from Halifax.

The lender has said that an estimated 300,000 first time buyers bought property in 2007 - a fall of 44 per cent on 2002 figures.

Confirming what many analysts have thought to be the case after another year of largely buoyant price growth, the average property is now out of reach for a new buyer in  96 per cent of UK towns, Halifax added.

"Rising property values have priced many potential first-time buyers out of the housing market. When they do enter the market first-time buyers are now more likely to be in their thirties rather than their twenties and buy a flat rather than a terraced house," said Martin Ellis, chief economist at Halifax.

"First-time buyers are also buying proportionately more in cities than towns as they opt for convenience over size," added Mr Ellis.

But falling house prices, while introducing uncertainty to the market, could provide buyers with some respite next year. The average price of a home fell by 1.1 per cent in November, according to the most recent Halifax house price index.

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