Lack of financial products in a slow housing market forces property owners to consider the quick house sale route
Recent warnings from the Bank of England highlight what is literally an ever growing problem as Britain’s rising population is set to underpin ever rising house prices and it will continue to worsen during the years to come.
A policymaker at the Bank of England stated that unless there was going to be a review of the overall market in terms of the new financial products which are available to the general public then first time buyers will struggle more than ever.
Bank of England’s David Miles (one of 9 rate setters at the Bank) circulated an official paper which stated that the requirement for living space is going to undoubtedly increase as the population gets larger and this will impact on future planning restrictions (which also are set to rise).
David Miles was quoted in The Telegraph newspaper as saying: “We should anticipate a rising trajectory for real house prices over the longer term. This is particularly likely in a country like the UK where population density looks set to rise relatively fast. The model also suggests that the upwards trajectory in house values may ultimately become steeper than the rise in real incomes.”
Prior to the financial crisis the majority of home buyers were not required to raise a deposit for mortgage security, however, since the recession banks have begun to play safe which means that large cash deposits to secure a mortgage deal are now essential.
Not only this but the rise in house prices and the fact there are less available financial products on the market impeding house buyers further means that many property owners are now looking at alternative methods such as ‘quick house sale’ routes.
March 14, 2012 at 11:30 am | Quick House Sale |
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