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Fast Property Sale - Borrowers put off
08/05/2008 16:53:09

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  Financial Difficulty
Financial difficulty - Building societies report slump in addition to banking woes
Financial difficulty - Mortgage lending drops two thirds
Financial difficulty - Homeowners paying 62% more than renters

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Many people may seek a fast property sale because potential buyers are being put off from entering the housing market.

A lack of clarity and consistency in the UK mortgage market means that many buyers have lost confidence.

It means that fewer new buyers are entering the market and this is leading to prices falling across the UK.

With this in mind, many people may seek a fast property sale in order to secure as much money for their properties as possible.

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Jeremy Leaf, spokesman for the Royal Institution of Chartered Surveyors (Rics), told BBC Radio Five that action needs to be taken.

"There is finance available but it is so inconsistently available and it is sending out such a difficult message to prospective purchasers," he commented.

"If your lender, whom you have been with for many years, or somebody you want to do business with, suddenly tells you that even when you are apparently very credit worthy you cannot have that loan, then inevitably it is going to have some effect on your confidence and may even deter you from buying," added Mr Leaf.ADNFCR-1046-ID-18585465-ADNFCR

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