(1888PressRelease)
November 25, 2007 - London (shakespearefinance) : A recent research from financial services firm Abbey reveals that around one-fourth of Britons are willing to move to inexpensive areas in order to get on the property ladder. The report also shows that one-third of would be buyers were likely to take a second job to improve their prospects of purchasing a home.
In the recent months, credit squeeze has hit the first time buyers very hard. With an average home costing more than £230,000, the first time buyers are finding it very difficult to buy their dream homes. In places like London, an average home costs even more than £400,000.
Besides, the current credit crunch situation has forced the interest rates to rise further. Secured loans, home loans and mortgages have now higher interest rates as compared to pre-crunch situation. It is expected that the home prices will stall next year as the home market witnesses a ‘significant slowdown.’
The figures from the Council of Mortgage Lenders reveal that the gross amount of money lent as home loans fell during September in comparison to the previous month.
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