|
FTBs giving up the ghost?
A new survey has revealed widespread FTB pessimism over the state of UK property market.
According to a survey foreign exchange group Moneycorp:
- Three-quarters of potential first-time buyers are abandoning plans to get on to the property ladder due to the current housing market downturn.
- Around 74% of people said they were putting plans to buy their first home on hold due to the current conditions in the housing and mortgage markets,
- A third of those questioned also said they had tried to buy a home during the past six months, but had been refused a mortgage.
- Around 44% of first-time buyers said they were now seriously considering buying a property abroad and continuing to rent in the UK in a bid to take advantage of cheaper house prices overseas.
The credit crunch has caused lenders to tighten their lending criteria, with 100% mortgages disappearing and 95% ones becoming increasingly scarce.
Most mainstream lenders are now demanding deposits of at least 25% in order for borrowers to qualify for their best rates. Spain is the most popular choice for people considering this option, followed by France and the US.
Marc Morley-Freer, Moneycorp spokesman, said: "The fact that so many buyers are prepared to get their first taste of homeownership in a foreign land speaks volumes for the state of today's domestic market conditions."
|
Related Articles |
 |
 |
American property values fall by 10pc
In the last few months, values of homes in the USA have seen their largest decline, leaving almost one-third of homeowners who bought in the past five years facing negative equity.
More...
|
|
|
|