With many lenders still ‘blocking’ first time buyers it is no wonder that many of them have turned to other routes for finance, such as what has now been termed as ‘the bank of mum and dad.
The UK’s bank of mum and dad is still booming as parents help their struggling children on to the property ladder. Despite the fall in property prices over the past few months their own home still remains stubbornly out of reach, with lenders still demanding large deposits. Read more
New research published on mortgage criteria and lending practices with in the UK draws the same conclusion each month, that restrictions on securing a mortgage are way too strict and therefore means that most potential home owners are unable to get a foot on to the property market. Read more
The UK economy has begun to recover over the past year but households financial positions remain under strain. Elevated unemployment, weak earnings growth and restricted credit availability still pose a problem for many households.
Gavin Kelly, chief executive of the resolution foundation suggests “many people who scrapped through the recession are going to find the next few years even harder. It is very likely that there will be a significant rise in the number of households struggling to maintain their debt repayments, which is a major concern both for them and the wider economy”. Read more
Almost everything to do with the property market is a huge problem at the moment!
The housing market is ‘lacking genuine direction’ because a squeeze on finance is chocking demand, according to mortgage lender Halifax.
The Council of Mortgage Lenders (CML) also says “we agree that there appears to be no clear trajectory for house prices at the moment, however this is not surprising considering the uncertainties currently found both on the supply and demand side”. Read more
Research has shown that 90% of home owners automatically turn to an estate agent when they decided to sell their homes.
There are many reports around at the moment to suggest that the UK is generally dissatisfied with the service they get from estate agents.
There are times when it is obvious that buying a property is the best decision, although most of the time it is much less clear.
There is nothing wrong in the current financial climate in deciding to rent a property instead of buying, especially if circumstances require it. Read more
The UK has one of the highest property owning rates in the world, no matter how many boom and busts there are, the British still like the idea of buying their own property.
When considering whether to buy or rent it is worth looking at the local area and weighing up how much you would pay to rent versus how much mortgage payments cost. Read more
Many believe that estate agents are partly to blame for the low activity in the property market. With their listings at the lowest levels for decades, many have pitched prices to prospective vendors that are far too high in the current climate. However vendors are not totally blameless.
Estate agents have now come unstuck, their transaction levels are through the floor as they have not been able to sell their over priced stock and each one of the unsold properties costs them money. Read more
Housing minister, Grant Shapps has been trying to persuade lenders to offer long term fixed rate mortgages. He called for lenders to offer 30 year fixed rate loans in order to give borrowers more certainty in the current financial climate. Read more
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