Low interest rates have improved affordability on some measures for buyers, according to Nationwide building society.
This has been backed up by Paul Smee, director general at the Council of Mortgage Lenders (CML), who says that low interest rates as well as good financial management by lenders are assisting those in financial difficulty “keep their homes and get back on track”.
The increased affordability allows first-time buyers, in particular, to provide the 20% deposit that is often required. The deposit needed to buy a home has doubled, having been 10% in 2008, according to Nationwide.
This is good news for anyone looking to sell their house quickly and asking; “sellers ask “how can I get cash for houses?”” as the improvements will allow more buyers to enter the market.
April 5, 2012 at 7:54 am | Quick House Sale |
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