Prices of New Homes in UK remain steady
publication date: Jul 13, 2010
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author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Prices of New Homes in UK remain steadyMay's prices suggest a small rise year on year which Smart New Homes is getting quite excited about, however it's clear that prices are better than last year, but they aren't really moving forward at a pace. The Marketing Director, Steve Lees suggests that it is mortgage lenders holding back new build prices as they are "undervaluing new homes and setting unreasonable lending criteria". He boldy states "mortgage providers are effectively holding homebuyers to ransom". It's true that mortgage lenders are probably being somewhat overly cautious, especially when it comes to new build. In theory we'd think the banks understood the property market. For some very odd reason, banks were happy to lend on properties which it was clear to professionals were overvalued prior to the credit crunch and now, when new builds are actually very good value for money they are demanding high deposits (up to 40% for new builds). READ MORE for all the up to date new property market statistics and regional data. Are you thinking of buying your first home? Receive your Free First Time Buyer’s Checklist just sign up to our newsletter by emailing enquiries@designsonproperty.co.uk Buy our First Time Buyer Pack and gain access to Kate and her team via email or phone to help you through every step of your purchase. |
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