First time buyers facing hardships

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) November 24, 2007 -- London (shakespearefinance) November 21, 2007: 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.

For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.shakespearefinance.co.uk/

secured loans