Homebuyers waiting to snap up bargains

According to research commissioned by internet bank First Direct, as many as 2.5 million people are sitting on a cumulative pot of £20 billion in savings, waiting for house prices to drop. The average amount of savings per person is just over £7,000 plus equity in property, and London has the highest proportion of housebuyers holding back. The survey also found that 12 per cent of first-time buyers felt they would never get on the property ladder, and one in six believe that house prices will start rising steadily again as soon as October 2010.