U.K. Property Market Full of Questions, Buy My House
Published on May 1, 2012 | Author: Harish
Mortgages, Prices, and How to Sell House Quick
The UK’s current housing market leaves some would-be buyers and sellers scratching their heads. Mortgages, some say, are at the root of housing problems. Most buyers cannot purchase homes without borrowing some of the needed pounds. When mortgage restrictions tighten up, as they have done lately, fewer people can afford to borrow.
Homeowners who want to sell house fast are full of questions about how to get this questionable market to work for them. The mortgage crunch affected the market as early as 2008, casting its pall on house prices throughout the UK. Lenders at that time suffered from a sudden shortage of funds, making it hard to provide loans for first-time buyers in particular.
Since economic conditions in America were also hard-hit at the time, the pessimism spread quickly across the Atlantic. Confidence on the part of both banks and consumers was hard hit. Things have not improved since then, although there have been some fluctuations in the past few years.
Mortgage rates have risen, deposits have increased, and lenders have to look long and hard at potential borrowers. Fewer mortgages are granted today. First-timers to the housing market are having to postpone their start up the property ladder. Many continue to rent or live in their parents’ homes for much longer than used to be the case.
Mortgage activity is not what it once was. More current mortgages than ever are falling into arrears. The increased joblessness across the UK coupled with real wage freezes and redundancy surges mean less money in the pockets of average citizens.
Twenty-five years ago the Office of National Statistics reported the average wage as £7,700. Today’s comparable figure is £24,900, a 223 per cent increase. If inflation were to continue at this level, the average wage will reach £80,500 by 2031, with the cost of a home 10.3 times more.
Simplify the Selling Process with Property Buyers
Homeowners who need to sell their homes now due to the poor economy are having a hard time finding worthy buyers. The professional property team at Quick Cash for Properties can help. The owner can place one simple freephone call to 0800 6528 396 and speak with one of the specialists. Within 24 hours, the owner will receive a cash offer for the home. For the homeowner who does not want to wait for the confusing housing market to sort out, he or she can sell my house fast with help from the property experts.