24
Aug
Homebuyers urged to continue buying properties
Homebuyers have been encouraged to look into purchasing houses for
sale in the UK during the second half of the year.
This is after director of research at Savills Jacqui Daly suggested
that the property market could slow down for the second six months
of 2010.
She said: "We do expect transaction activity to stay low - where it
is now."
Ms Daly added that this is the result of a slowing economy and
restrictions from mortgage providers to offer loans to prospective
homeowners.
However, this news could come as a good sign to homebuyers who have
been offered a mortgage deal and could benefit from a less
competitive market.
Ms Daly's comments came after Santander revealed that between June
2009 and August 2010 1.1 million people in the UK tried and failed
to sell their properties.
This is compared with just 725,000 successful transactions for
houses for sale.
The financial services provider found inability to get a mortgage
deal, find a suitable home or raise enough deposit were barriers in
allowing people to complete purchases.