(1888PressRelease)
August 02, 2007 - New research shows that potential buyers are avoiding the market over concerns about rising interest rates.
This means that it has become even more difficult to shift a property and many people are stuck in a home they had intended to leave.
Research by Nationwide shows that buyers are now being put off by small details as they are already concerned about entering the market.
Financial Difficulty | Quick property sale solutions
According to the building society, 55 per cent of potential buyers are turned-off by a property if it is untidy.
A further 82 per cent are put off by a lack of environmental features, while 75 per cent will not buy a property that is owned by a smoker or someone with pets.
Katie Harper, media relations manager at Nationwide, said that sellers are finding it more and more difficult to shift their property.
"Higher interest rates and the resulting reduction in new buyers visiting estate agents continue to put further pressure on homeowners who are looking to sell," she commented.
Research by the Building Societies Association revealed that mortgage lending was down in June as buyers are put off by rising interest rates and economic uncertainty.
The lack of buyers is of enough concern without adding the smallest of detail says fast property purchase expert Julian King. "Homeowners will need to do a lot more than tidy their house if they want it to sell" says the director of National Homebuyers.
"The number of buyers is plummeting and these tiny issues appear to be a neat bit of PR issued by Nationwide to hide the underlying issue that interest rate rises mean that there are no buyers.
"First time buyers traditionally accounted for 45-50% of all property transactions, I anticipate this will be more like 25% by the end of this year. This means that there are a quarter less buyers in the marketplace. This is a very real problem that needs to be addressed.
National Homebuyers is the UK's leading quick purchase property firm, buying thousands of houses from vendors needing a quick sale. King's comments come at the same time as property website Firstrung's CEO advises first time buyers that now is not the time to buy.
