Mortgage Lending falls to a New Low
The Daily Mail Newspaper has reported that amount of mortgages approved during April has fallen to the lowest level since records began. Only 29,355 residential mortgages were handed out during April, this is a whopping 18% less than the same month during 2010. At YouSellQuick we have often commented that it is the lack of lending which is clearly holding the market back. We receive many enquiries from people who are frustrated from having having very keen buyers to then having the rug pulled out from under their feet as the buyer’s mortgage facility has been pulled at the last minute. (There are even rumours within the industry that lenders are constructing surveys and application etc when they even know there is very little chance that they will lend on the property but will still receive around £500 in fees.
If you are looking to sell your home and it is in the lower end price bracket then you would in a good market experience many first time buyers viewing your property. Unfortunately in today’s market, first buyers are a few and far between. Others who have been planing a move abroad are also still stuck in the UK.
The poor mortgage lending figures that were released by the British Bankers Association certainly show that the housing market problems are very much still here. Unfortunately, economists say that they see little chance of the mortgage crunch coming to an end any time soon. Banks are still commanding very large deposits, the average home currently costs £161,000 and the average buyer needs to put down a deposit of 26% that’s around £42,000, a huge sum of money that many average buyers simply can’t afford.
We offer a far fairer deal than the large majority of our competitors and other routes of selling. Particularly if you are planning to sell your home through an auction then please do speak to us first rather than dumping your property for a poor amount.
If you have inherited your home and realise it’s an unfortunate time to sell we can also buy the majority of your home and leave you with the remaining equity which should surely go up in value and make you money in the future through our shared equity purchase.
Speak to one of our advisor’s today.
“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