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Property has become very affordable for first time buyers, however many are still failing to be able to get their foot on the property ladder. While many first time buyers may be able to afford the monthly mortgage repayments, they are struggling to find the deposit for the mortgage. A typical deposit is currently around 20% to 35% of the cost of buying the property. This means that if the property is 100,000 they have to find a deposit of at the very least 25,000. Of course, for many this amount of money is impossible to find and would take many years to save up. There is also the predicament that they then have to continue paying rent, when this money could be used towards the monthly mortgage repayments. Private rent is often the same each month as mortgage repayments, which is very frustrating, and there are huge waiting lists to get into council property, which typically comes with lower monthly rent.
House prices have come down greatly due to the recession, on average first time buyers may expect to pay out 133,700; however the downside is that the typical deposit for the mortgage is around 29,400. Often in the past, parents help their children out when it comes to buying their first property. However as money is tight some have had to pull in the reins as of course many have their own mortgage repayments to meet and have fears for their jobs in the future.
The Council of Mortgage Lenders has announced that the numbers of first time buyers have dropped to the lowest ever since 2008. It must be heart breaking for first time buyers to know that the prices of houses means that they could set their foot on the ladder and own their own home, but they are stopped due to huge deposits. For those who have property to sell this is not good news either. If you have property that you need to sell fast it can be devastating to know that there are first buyers out there who wish to take advantage and buy, but who are held back only by the deposit. There are numerous situations where homeowners need to sell as soon as possible and it is very frustrating. For instance, those who wish to downsize or upgrade to a larger property and who have found the perfect property, might need to sell quickly to raise the equity for the new property. In this situation if you cannot sell you cannot move.
In this situation, you may wish to look into alternative methods of finding a homebuyer. If you do have the need to sell and sell fast, for whatever reason, you may wish to look into selling with a company offering a fast cash sale for your home. Such a company may take your property off your hands in a matter of weeks. You may choose to apply online for a fast sale and get an answer, typically within 24 hours. This may be a suitable solution to avoid your home being on the market for many months; however, you do need to weigh up all the facts before rushing into a sale.
Author Resource:-
Oliver Darraugh is a real estate specialist with one of the many house buying companies online.
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