Wait Until 40 to Get on Property Ladder
Tuesday, August 11, 2009 20:37
The first-time home buyers are waiting until they are nearly 40 if they do not get a helping hand in funds from friends and family. The property will be scarpered hopes of fierce competition for properties, nervous lenders and property experts panic.
In some areas, the real estate agents report wars of bids between the buyer and back-to-back appointments for visits, causing many of them meeting their asking price for the first time ever since 2007. In some areas, specific patio homes are sold for more than they fetched two years ago.
Meanwhile, the figures from the Council of mortgage lenders indicate that the first-time buyers are stumping up a typical deposit of £ 31875, which is more than twice as high as £ 13194 in September 2007.
Figures from the National Association of Estate Agents show that 292 View house hunters per estate agent in July, against 59 Properties offered for sale. Halifax house price figures indicate that the value of property rose by 1.5% April-June in the UK.
However, the price of flats and marionettes, which is the most popular with first time buyers, rose by 66% more than that. At the same time, the value of detached houses has fallen by around a third less than the average property. There are large variations in the different regions and between types of real estate.
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