Despite a slight rise in property prices throughout May, houses and flats are now more affordable for first-time buyers (FTBs) than they have been for years, but as is often the way – there’s a catch. Many would-be buyers looking for their first home can afford the repayments but can’t get together enough money for the hefty deposit.
With only a few 95% mortgages on the market and only the best credit scores getting them, the choice for the mere mortals is frequently either a 20% or sometimes 35% deposit mortgage. Needless to say, with FTB’s locked out like this, quick house sale figures are down dramatically with the National Association of Estate Agents (NAEA) reporting that just 19% of house buyers were first-time buyers in November 2009. Compare that to 45% in May 2009 and you get the picture. More on this on Thursday.
Tags: conveyancing, fast house sale, quick house sale, Sell And Rent Back