First-time buyers 'challenged'
www.moneynews.co.uk > Mortgages > First-time buyers 'challenged'
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Money News |
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First-time buyers 'challenged'
Thu 20th Dec 2007
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MoneyExtra says that problems faced by FTBs do not stop there: four out of five are seeking to buy their home on their own and the average time spent saving for a deposit is almost two years.
Conversely, prices for home movers have fallen slightly.
Senior Editor of Moneyextra Robin Amlot said: "The sharp rise in property values of those remortgaging may be an indicator of how the credit crunch is extending beyond the traditionally vulnerable sectors of society."
He added that the outlook for next year was "fairly grim" and though he thinks interest rates will fall it will be tough until they do.
The Royal Insitution of Chartered Surveyers suggested that there will be a 50 per cent rise in repossessions (from 30,000 to 45,000) next year as those on fixed rates coming to an end find they can no longer pay for their homes.
Related News : Mortgages |
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