ECONOMY CONCERNS DETER FIRST-TIME HOPEFULSWednesday March 5,2008 FEARS of house price falls and the state of the economy have convinced almost two-thirds of first-time buyers to delay their first step on the property ladder, says Abbey. Some 64 per cent of first-time buyers have put their property search on hold, with many claiming that speculation about house prices and economic uncertainty have dampened their enthusiasm.
Of these, most think house prices will fall further, while 67 per cent feel that their finances are already too stretched. Others are worried they may lose their jobs. “We know how difficult it is for the first-time buyers to get on the property ladder,” said Nici Audhlam-Gardiner, director of mortgages at Abbey. “This is exacerbated by current market uncertainty. “We always recommend that homebuyers give serious thought to affordability when purchasing a home and don’t overstretch themselves.” It is becoming even harder for first-timers to get a foot on the property ladder, given that lenders are becoming more selective about to whom they will grant their loans. For example, the UK’s largest lender, Nationwide, last week announced that borrowers must now find a 25 per cent deposit, compared with the 10 per cent it previously required, to qualify for its best mortgage rates. ************************************************************************* BACK TO YOUR MONEY FOR MORE TOP STORIES! ************************************************************************* |
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| Wednesday 3rd December 2008 |  |
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