Lending Falls and sellers can’t Sell their House
The Council of Mortgage Lenders have reported a large fall in lending, showing that they are quite clearly unwilling to take on increasing amounts of debt. Aprils figures show almost a 20% decrease from 12.5 Billion to 10.2 Billion from the same time last year. These figures are surprising and shows that many people will be struggling to sell their home fast.
Europe has had a knock on effect on UK property
It has been reported in today’s edition of the popular newspaper The Independent, that the apparent Euro zone crisis is preventing banks from lending. Not only that, but because of uncertainty and the volatile stock markets the wholesale cost of borrowing for the banks has been increased, this in turn has just recently been passed on to consumers and new buyers are now facing higher interest rate payments. The other main problem is that buyers are struggling to put down the large deposit that’s required. For first time buyers you will need to save up at least 15% and for those who wish to sell their existing home and move, a lack of equity may prevent you from having an adequate deposit.
Sell your home quick but can you afford a new one
Banks are currently being very choosy as to who they are giving a mortgage to. Put simply they just want the pick of the reliability crop and as they only have a limited amount of money in their pot to handout, it seems that people who want to buy are being pushed away by the banks. Even though back in the day or even this time last year they probably would have been approved, tougher rules on income affordability is where many are falling down.
We understand you may be frustrated
At You Sell Quick we understand how frustrating it must be when you can’t sell your property fast. We can now safely say that this is probably not a fault of your own and the turbulent economic times that we are currently facing has scared the lenders who have been forced to go backwards.
How long will this recession last? No one would be confident to judge? Maybe a year or two, or maybe longer, would we do know is in the mean time there is a good chance that we can help you to sell your home.
“YouSellQuick gave me a very good deal and helped me through the whole process.”
“I got exactly what they offered in my bank account, nothing less, no extra fees or commissions.”
We can buy your house right now, please contact us
We can give you a preliminary offer over the phone
Final offer is subject to independent RICS valuation