| The current credit crunch has meant property | | | | time buyers was at an all time low in 2008. |
| prices are at an all time low, making it seem like | | | | Unfortunately, for many people who are looking |
| the perfect time to buy a new home. | | | | to purchase their first property, they are finding |
| Unfortunately though, stricter lending rules are | | | | themselves in a Catch 22 situation. Whilst house |
| making it a struggle for first time buyers to get | | | | prices are at an affordable all time low, the |
| their foot on the property ladder, despite having | | | | massive deposits lenders are demanding makes it |
| the resources to pay a monthly mortgage. | | | | impossible for many to take the final steps |
| Lenders are now demanding anything from 20 to | | | | towards buying their first home. |
| 30% of a property's value in the form of a | | | | And it isn't just first time buyers who are |
| deposit which is preventing many first time | | | | affected. Those who are trying to sell properties |
| buyers from obtaining their dream property. | | | | are finding that less potential buyers is driving the |
| Renting, although similar in cost to paying a | | | | value of their homes down and making sales of |
| mortgage is commonly seen as dead money. First | | | | houses take far longer than they have done in |
| time buyers are paying the equivalent of a | | | | previous years. People who are looking for a quick |
| mortgage each month but not getting anything in | | | | sale in order to move on to the property of their |
| return for their hard earned cash. And with long | | | | dreams are struggling due to a lack of first time |
| lists for council properties which offer more | | | | buyers and fresh blood in the house selling chain. |
| affordable monthly rent, many young | | | | If you are desperate to sell your property quickly |
| professionals are spending a large amount of their | | | | then you might want to consider selling to a home |
| income each month simply to put a roof over | | | | buyer company and there are plenty of |
| their heads. | | | | companies such as this on the internet. Often |
| Whilst the recession may have lead to a decrease | | | | they will offer a quick, hassle free, cash sale, |
| in house prices, nervous lenders are increasing the | | | | enabling you to move on to the property you |
| average deposit for a mortgage. Gone are the | | | | desire. Some even offer an online application |
| days of 100% mortgages where no up front | | | | process which can begin the sale process within |
| deposit was required. And with the credit crunch | | | | 24 hours. But whilst this can be an easy way of |
| affecting everyone, it makes it hard for relatives | | | | selling your property quickly, rather than have it |
| to step in and help with their offsprings | | | | languishing on the market, there are a number of |
| mortgages as they have rising bills to pay for | | | | pros and cons to weigh up first. Don't be tempted |
| themselves. | | | | to rush into a sale until you have considered all |
| Official sources such as The Council of Mortgage | | | | the facts first. |
| Lenders have confirmed that the number of first | | | | |