Buyers forced from market by banks, says propertyfinder.com

Posted: 04 Feb 2009 08:36:02 GMT

Potential house buyers are being forced from the property market by the hefty demands for deposits being made by mortgage lenders, property website propertyfinder.com has suggested.

While there is significant demand for property, the chance to buy is being taken away from most first-time buyers by the excessive demand for large deposits, it added.

"Thousands are champing at the bit to take advantage of lower house prices, but simply can't get a mortgage. It's no wonder first-time buyers are now an endangered species," said Nicholas Leeming, director of Propertyfinder.com.

"Our research shows how a shortage of mortgage funding is pushing prices down by pricing buyers out of a good value market."

Homeowners attempting to sell their property in the current marketplace will find that the market is firmly in favour of those few who have the resources to purchase property.

As such, selling a home is likely to be lengthy, although selling a home online could attract a greater number of buyers than a traditional estate agent, meaning a buyer could be found quicker.



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