THE TIME WHEN Buyers Struggle To Get A Foot On The Property Ladder

THEcurrent credit crunch has meant property prices are at an all time low, making it seem like the perfect time to buy a new home. Unfortunately though, stricter lending rules are making it a struggle for first time buyers to get their foot on the property ladder, despite having the resources to pay a monthly mortgage. Lenders are now demanding anything from 20 to 30% of a propertys value in the form of a deposit which is preventing many first time buyers from obtaining their dream property.

Renting, although similar in cost to paying a mortgage is commonly seen as dead money. First time buyers are paying the equivalent of a mortgage each month but not getting anything in return for their hard earned cash. And with long lists for council properties which offer more affordable monthly rent, many young professionals are spending a large amount of their income each month simply to put a roof over their heads.

Whilst the recession may have lead to a decrease in house prices, nervous lenders are increasing the average deposit for a mortgage. Gone are the days of 100% mortgages where no up front deposit was required. And with the credit crunch affecting everyone, it makes it hard for relatives to step in and help with their offsprings mortgages as they have rising bills to pay for themselves.

Official sources such as The Council of Mortgage Lenders have confirmed that the number of first time buyers was at an all time low in 2008. Unfortunately, for many people who are looking to purchase their first property, they are finding themselves in a Catch 22 situation. Whilst house prices are at an affordable all time low, the massive deposits lenders are demanding makes it impossible for many to take the final steps towards buying their first home.

And it isnt just first time buyers who are affected. Those who are trying to sell properties are finding that less potential buyers is driving the value of their homes down and making sales of houses take far longer than they have done in previous years. People who are looking for a quick sale in order to move on to the property of their dreams are struggling due to a lack of first time buyers and fresh blood in the house selling chain.

If you are desperate to sell your property quickly then you might want to consider selling to a homebuyer company and there are plenty of companies such as this on the internet. Often they will offer a quick, hassle free, cash sale, enabling you to move on to the property you desire. Some even offer an online application process which can begin the sale process within 24 hours. But whilst this can be an easy way of selling your property quickly, rather than have it languishing on the market, there are a number of pros and cons to weigh up first. Dont be tempted to rush into a sale until you have considered all the facts first.