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RISING MORTGAGE RATES DETER WELSH HOMEBUYERS
Affordable housing in Welsh towns and cities is becoming a thing of the past as mortgage costs climb towards the 1990 peak.
In recent years house price inflation in Wales has been very strong. At its peak in 2004, house price inflation was just over 24% - the second highest level in the UK. This is more than double the UK average of 11.8%.
The market became considerably worse during 2005 and it is now obvious that Wales is experiencing a property boom. A report from the Chartered Institute of Housing Cymru highlighted Cardiff as one of the places where first time buyers find it particularly hard to get on the property ladder. CIH Cymru’s briefing found the average house price in Wales was £123,362, compared to an income of £29,241.
Steve Long, director of CIH Cymru said; “This briefing has important implications for housing policy in Wales, and particularly for the need to ensure an adequate and targeted supply of affordable housing for those working households unable to buy their own home, even at the lower end of local housing markets.”
If you are trying to sell your house, this is going to have a knock on effect and could possible delay the sale of your house for months, even years. With house prices constantly rising, the number of people able to purchase their own home is falling fast, leaving vendors stuck in a rut.
National Homebuyers, the country’s leading fast home buying company are used to handling all types of cases with care and are coming to rescue of the sellers in Wales.
Julian King, director of National Homebuyers says; “Unfortunately, it’s going to be challenging year for people who are trying to sell their homes in Wales. National Homebuyers has been dealing with hundreds of customers in Wales who are finding it difficult to sell their property. We can offer a welcome solution that is sure to ease the stresses and strains that people are currently experiencing.
“Rather than a house sitting on the property market for months, we guarantee to make an offer on every property we survey, regardless of its condition or location meaning the whole process could be over in a matter of weeks.”
Operations Manager David Harber says, “With likely interest rate rises before the end of the year, this will further deter buyers as the pressure on their finances continues to escalate. Vendors in Wales will find it increasingly difficult to sell their property.”
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