There are jitters from people looking for their first home.

Economist Tony Alexander's mortgage advisers survey for this month shows they're seeing a lot fewer investors, which suggests the Government's housing policy changes are having the desired effect.

However he told Mike Hosking some brokers are also seeing fewer people trying to get onto the property ladder.

“They become fearful of prices falling away; they’ve generally got small deposits, maybe five or ten percent and they’re worried. They see talk that maybe the prices could fall back.”

Tony Alexander says the irony is, as conditions move in favour of first home buyers and there are fewer people to compete with, they tend to step back as well.

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