Buyers may need debt advice to get on property ladder
Buyers may need debt advice to get on property ladder
Friday 6th November 2009
There are five potential buyers for each property which goes on the market in October, while the estate agent branches have on average 287 house hunters registered on their books.
The cost of buying a home is on the rise, with the gap between asking and selling prices closing in October from 10.9 per cent to 8.8 per cent.
First time buyers are helping to boost demand in the housing market, making 22 per cent of all purchases in the housing market in October. This figure is double the proportion of first time buyers a year ago.
Those who want to get on the housing ladder but are already struggling with debts might consider debt management. Options such as debt consolidation loans can help people make their assets go further.
President of the NAEA Gary Smith said: "Many buyers are at the very beginning of the house buying process and this is creating a lack of properties in the short term.
"It is now up to the government and the banks to do more to keep the momentum of market recovery going. We can only hope that common sense will prevail and that the government will raise the lowest level at which Stamp Duty will apply to £175,000 for an indefinite period."
Recently, Lloyds TSB has launched a mortgage which allows parents to give their offspring a helping hand on to the housing ladder, with the loan being secured against their assets.
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