Depressed housing market continues to struggle
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The depressed housing market remains slow with the traditional spring boom failing to lift homebuyers to even half the level seen prior to the housing crash.
According to figures from the Council of Mortgage Lenders, mortgages for home purchases increased by just 700 from April to May, which is unsurprising given the headache facing those wanting to move home. Those already on the property ladder need deposits of almost £60,000 and first-time buyers need to earn around 30 per cent more than the average wage, to meet strict lending criteria.
The number of mortgages completed in May was the lowest seen since the depths of the housing market crash in 2009 and the second lowest May figure since the CML started gathering monthly data in 2002. The number of home buyers is almost 60 per cent below the month’s average of 100,000 which was recorded up to 2007.
Figures show the majority of borrowers in May chose a fixed rate mortgage, showing people want the security of knowing exactly what their monthly payments will be each month. With so much uncertainty over job security and many having to accept pay freezes, it is much more reassuring to have that fixed amount accounted for each month. However, many families are struggling to keep control of their finances, with increasing inflation and the higher cost of food, fuel and bills.
In today’s difficult financial times, it is a fine line balancing between keeping up with repayments of bills and sinking into debt. Many people may find themselves facing repossession and trying to find a solution.
If you are struggling with debt and even facing repossession, Quick Purchase could offer you a fast property sale, thereby preventing repossession taking place and perhaps enabling you to get some of the equity from your home. Our quick property sale option is fast and effective and we can legally exchange contracts within a timescale to suit you and your circumstances.
To find out more about the Quick Purchase quick property sale, contact us by telephone or via our website.
