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SELL YOUR HOME QUICKLYUnyielding lending rates favour cash property buyers
The Bank of England decided against implementing an interest rate cut, as confirmed by a report published late last week in The Guardian. House prices, according to statistics released by Halifax and Nationwide, are approximately 1% lower than they were this time last year.
It may seem to some that the two developments of unyielding lending rates and low property prices cancel each other out – interest rates are becoming increasingly unforgiving, but at least property prices are reasonable.
What must be kept in mind, however, is that a low purchasing price cannot benefit a home buyer who is unable to secure a home loan. Taking strain under the so-called “credit crunch”, this has become the reality for more and more buyers. In fact, only half of the number of people who were granted home loans last year are able to qualify today – even when such low property prices are involved.