In recent months, the amount of money being loaned to UK citizens wanting to buy a house has been analysed, with first-time buyers in particular facing difficult conditions when it comes to buying and sellers having equal difficulty to sell property quickly.
New data released by the Council of Mortgage Lenders (CML) has shown that August was a significantly resilient month for lenders looking to give mortgages for properties for sale. The CML report found that gross lending throughout the month sat at £12.6 billion, 1% lower than the £12.7 billion loaned to home buyers in July. It was however, a 4% drop year-on-year compared to August 2011.
Recently, it has become easier for first timers to buy in Scotland, with these amounting to a far higher percentage of the overall buyer numbers than in months gone by. CML chief economist Bob Pannell said:
“House purchase activity continues to be a little above year-earlier levels, but the housing numbers are far from strong.
“We expect to see stronger take-up of NewBuy over the coming months, helped by a concerted marketing effort by builders and the recently launched Funding for Lending Scheme, which has prompted reductions in NewBuy mortgage rates.”
Many first time buyers are still finding it difficult at the moment, especially in the London area to secure money for a deposit on a property and as such on the other hand home sellers are finding it equally difficult to sell. This impasse in the housing market has caused it to effectively come to a stand still regardless of what many estate agents would have us believe and the ability to sell property quickly via the traditional channels is now becoming a thing of the past.
An increasing trend towards going down the avenue of a third party national home buyers is becoming more and more apparent as people struggle to sell property quickly. A property buyers has the ability to help people who wish to make a quick house sale as a result of bad debts, the threat of repossession, divorce, moving abroad amongst many other reasons.
A guaranteed sale is usually completed within two weeks from the initial quote unlike an estate agents and all the legalities, red tape and associated fees are handled and taken into account, freeing up the cash from a problem property to help relieve the stress of very difficult and often burdensome ,financial situations.