Deposit rates causing problems in property market
Homeowners hoping to sell their property are likely to continue to struggle to find first-time buyers who can afford to make a purchase.
According to the Council of Mortgage Lenders, the real problem in the market lies with the need to provide substantial deposits in order to secure your first home loan.
A recent YouGov survey commissioned by the National Housing Federation found that 86 per cent of 18 to 30-year-olds cannot afford to buy a home.
More than half (54 per cent) would need financial help from parents or friends, with 18 per cent requiring up to £10,000 in assistance and nine per cent calculating that they would hope for at least £40,000.
CML communications manager Bernard Clarke said that it is a "major problem" and that the average deposit required is 25 per cent - "a very significant amount".
It could mean that potential sellers are forced to stay put and make the best of their current abode, rather than moving elsewhere.
Those who choose to do so could improve their lot by investing in a bespoke conservatory or other home improvement to help make their living space a more pleasant environment.
Posted by Cheryl Stevenson
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