FTBs cannot buy in London according to National Homebuyers

First-time buyers (FTBs) cannot afford to buy properties in London.

[UKPRwire, Tue Dec 04 2007] That is according to the London Housing Federation (LHF), which says that a growing number of people are joining waiting lists for social housing.

It is bad news if you are looking for someone to buy your property and the LHF says that it is actually down to the fact that house prices have increased so much in recent years.

"House prices in London have reached new highs, leaving thousands of first-time buyers unable to get their foot on the ladder," said Olivier Powis from the LHF.

"London is now a city of two halves, as the gap between those able and unable to buy their own home grows.

"The capital faces nothing short of a social crisis; housing waiting lists have risen 57 per cent in just five years, while others live in overcrowded or temporary accommodation, unable to find and afford a home of their own," he added.

Cash for home property expert Julian King comments, "It's not just London that is facing property difficulty.

"Property prices across the whole of the UK have been unnaturally high for some time, this is in the process of correcting itself. However, linked with the effects of the recent credit crisis the ability to sell is reduced as fewer buyers are entering the market.

"People needing a quick house sale because they are facing financial difficulty, repossession or find that they need to fund health care will discover selling a property on the 'open market' does not afford them the ability to achieve a quick sale.

"Distressed or concerned homeowners are advised to seek alternative methods of selling their property in order to achieve a sale. For instance, in selling to National Homebuyers the vendor can complete at a timescale of their chosing, no Hips pack is required and it can even be arranged for the homeowner to sell their property, but remain living there as a tenant".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm. The company guarantees a quick 'cash for house' offer for vendors who need a quick sale. The company is also one of the UK's leading providers of Sell and Rent Back solutions.

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