Provision of credit has tightened Say National Homebuyers
The latest Credit Conditions Survey from the Bank of England shows that the provision of credit has tightened, potentially plunging many into financial difficulties.
[UKPRwire, Wed Jan 09 2008] According to the survey for the third quarter of 2007, households were due to come out of the year relatively unscathed by recent events but the latest report suggests otherwise.
In fact, the report for the final quarter of the year shows that the supply of mortgages has been reduced "materially" in the last three months.
The figures support anecdotal evidence which suggested the same and the latest survey reveals that lenders expect to curb all lending in the first quarter of 2008.
It is bad news for anyone in financial difficulties as they may see their mortgage rates rise and those who do not own a property may struggle to get a mortgage at all says the UK's leading fast property sale company National Homebuyers
"It's bad news for sellers", says director Julian King.
"As fewer buyers enter the market, prices will continue to fall.
"Paul Holmes of FirstRung is suggesting that property prices will fall 1 per cent each month over the coming three years. That's one enormous loss to the homeowner.
"As a consequence, we anticipate that 2008 will see a surge in the number of people seeking a fast property sale".
Mr King is a director of National Homebuyers, the UK's leading provider of quick house sale and Sell and Rent Back solutions. Additionally, the company does not require the vendor to pay for a Hips pack in order to sell their house.
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