SELL YOUR HOME QUICKLYProperty buyers still feeling the pressure
Recent statistics show that mortgage lending decreased by almost 40% in April, as property buyers continued to feel the pressure of the credit crunch and found it increasingly difficult to secure mortgages, reports The Times.
An estimated 38 704 home loans were approved and taken out last month, which is 39.4% less than the figure recorded last year in April. According to the British Bankers’ Association (BBA), April 2008 goes down in history as the month with the second-lowest number of mortgage approvals that has ever been recorded.
Evidence suggests that households throughout the UK are curbing their spending behaviour and keeping a close watch on their budgets as the credit crunch escalates.
“The data suggests that many consumers either had little money to spare to spend on eating out, entertainment and pampering themselves after they had paid for their more expensive essentials such as food, utility bills and petrol, or were looking to cut back on the luxuries and improve their personal finances in the face of the deteriorating economic outlook,” said spokesperson of the Global Insight economic consultancy, Howard Archer.
The effects of the credit crunch are especially devastating for first-time home buyers, who simply cannot afford to comply with the stringent borrowing conditions – such as large deposits and ever-increasing interest rates – which mortgage lenders are currently imposing.
Under these conditions, it is understandable that you are struggling to find a buyer for your home. MPG will buy your property – with no hassle, fees or hidden costs – in just 7 days!
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