December 30, 2008
Get on the ladder if you can!
Story link: Get on the ladder if you can!
The figures on paper look reasonable, but lets not forget the main reason why people aren’t jumping on the property band wagon and that is mainly due to the banks strict lending criteria which basically freezes a large percentage of potential buyers out of the market completely.
Although first time buyers are largely still unable to enter the market due to the lack of mortgages and the requirement for large deposits, those wishing to upgrade their property will see many opportunities to do so in 2009.
Miles Shipside, commercial director, Rightmove, said: “Those looking to upgrade from a terraced to a semi detached property in 2007 would have needed an average of £25,535 additional funds for the purchase.