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Two thirds of potential buyers giving up on homeownership dreams

July 2, 2009 by admin  
Filed under News, News-Mortgages

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It has been reported that around two thirds of would be buyers that were hoping to get their foot onto the first rung of the property ladder have now decided to give up on their dream for now because of the difficult financial climate and the lack of mortgage availability.

With the at an all time low of just 0.5 percent and house prices having fallen considerably since their peak in October 2007 many non-homeowners may have been hoping that this was their chance, but the results of a recent survey have shown that for many the prospect of becoming a homeowner remains an impossible dream.

The survey revealed that 65 percent of would be are now giving up on the dream of getting their own property because they do not feel that they will get the finance that they need and do not have the necessary high deposit levels that most lenders are now asking for.

These would be buyers have identified a number of hurdles that stand between them and homeownership, and have decided to give up on their aspirations of getting their own property for now.

A spokesperson for the Federation of Property Professionals recently stated: “With banks still refusing to lend and the Government doing practically nothing to help first-time buyers, it’s little wonder that so many people have given up hope of every owning their own home. First-time buyers are the bedrock of a healthy housing market.”

He also slated the chancellor of the exchequer, Alistair Darling, for failing these buyers by failing to extend stamp duty exemptions to all groups and failing to scrap costly and controversial Home Information Packs.

Tags: time, difficult financial climate, first rung, homeowners, availability

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