UK Money News
30th July 2008
Homebuying plans stymied by market conditions
Millions of would-be homebuyers have been forced to delay a house purchase due to tough conditions for house purchase in the housing market.
In a poll conducted by YouGov on behalf of the New Homes Marketing Board (NHMB), 60 per cent of people quizzed said they have had to delay their plan to buy a property.
The reasons cited by this group was the difficulty of raising the larger deposit now being demanded by lenders as well as rejection from mortgage providers who are reluctant to lend.
David Perry, chairman of NHMB, said: "In today's cooling market buyers should be able to take full advantage of lower prices and better deals.
"It's ironic, however, so many are prevented from doing so by the current shortage of mortgages, which cannot even satisfy current demand, as well as by higher rates of interest and the need for much larger deposits."
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