Credit Crunch Still Hitting Property Market
A couple of years back, no one had really heard of the term ‘credit crunch’ but the term is now wide spread across a number of industries. The property/real estate market has definitely been hit – estate agents all across the UK have been shutting offices, namely local offices for a more central approach with fewer offices covering a greater number of areas.
Property buyers have felt the pinch – due to rising unemployment rates many are now putting on hold their moves, or waiting for better offers on their houses before moving. Many prospective buyers have also stayed in rented accommodation but essentially I feel this is still dead money.
The main problem is that the initial deposit is often beyond first time buyers reach – unless you have a good £25K to spend upfront on a deposit many estate agents or solicitors will not even consider you for a mortgage.
Credit crunch is defined as a “severe shortage of money or credit”. So if this describes you, try not to worry too much. There are plenty of properties out there and the likelihood is you can still get one on the cheap with people looking for a quick sale. Keep saving and try to be conservative with what you spend. Or look down the route of shared ownership to begin with – getting on the property ladder in some way is better than waiting another couple of years for the economy to try and sort itself out.
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