When speaking to people who have their home on the market there seems a increase in the time homes are on on the market for and a quick house sale through an estate agent seems harder to achieve.
There are now less options and good deals for people looking for a mortgage at the moment.Nationwide Building Society has decreased the maximum loan to value ratio people need to qualify for its best deals from 90% of a property value to 75%. This means property buyers require 25% of a property value deposit to achieve the best rate.
This is another effect of the credit crunch which is not good news for first time buyers and people looking for a quick house sale. Aswell as a weaking confidence in entering the housing market, first time buyers now have less mortgage offers available to them and so are waiting and saving for adequate deposits on future property purchases.
