(1888PressRelease)
November 20, 2007 - GE Money Home Lending says that one in four deals handled by brokers have been impacted by the credit squeeze.
This could force many potential buyers to reconsider, spelling bad news if you are looking for someone to buy your property.
"Our latest research shows that not only have 87 per cent of brokers experienced deals that have encountered problems due to lenders withdrawing product ranges or making changes to pipeline dates at short notice, but that a staggering 23 per cent of all mortgage applications have felt a direct impact from the current global credit crunch," said Duncan Berry, sales director, GE Money Home Lending.
"During these challenging times there will inevitably be changes to ranges with shorter notice periods, but communication is key and lenders should endeavour to give brokers reasonable notice to alterations in product ranges and changes to pipeline dates," he added.
Fast property sale expert Julian King adds, "Selling a home will get more and more frustrating next year.
"The lack of buyers, for which the credit crunch is partly to blame, will limit the number of buyers available for the volume of properties expected to hit the market in the first quarter next year.
"As homeowners find the sales process longer and more costly since the introduction of Hips and as estate agents increase fees to keep their business running, many homeowners needing a quick sale will be looking to National Homebuyers for a quick house sale".
Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm, guaranteeing to make a formal offer to purchase any property in the UK for vendors who need a quick sale. As a private commercial buyer, the company does not require a Hips pack to be in place in order to buy property quick.
The Council of Mortgage Lenders recently revealed that gross mortgage lending fell in September.
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