One Million FTB-s prevented from buying

HAMISH_MCTAVISH

NEARLY a million first-time !buyers have been prevented from getting on to the housing ladder because of the big deposits required by lenders.

For each of the past three years the number of first-time buyers has fallen from the normal !average of 500,000 to 200,000, according to a report today by HSBC bank.

Of those unable to get started, 69 per cent said raising the required deposit was their biggest hurdle.

http://www.express.co.uk/posts/view/238229/2382291m-first-time-buyers-frozen-out-of-market#ixzz1KIuXFkU3

Mortgage Rationing rears it's ugly head yet again.

Oh, and.....

only 12 per cent said concern over future falling house prices was a reason for not buying

Running_Horse

Big deposits are not rationing. They're just big deposits, like there used to be. I'm not sure if they are the right way to go long term, and we can argue what percentage is best, but anyone with the required deposit and a good credit history can have a mortgage. That's not rationing; just common sense in a moribund market.

DervProf

HAMISH_MCTAVISH wrote: »

http://www.express.co.uk/posts/view/238229/2382291m-first-time-buyers-frozen-out-of-market#ixzz1KIuXFkU3

Mortgage Rationing rears it's ugly head yet again.

Oh, and.....

Good job really, as there is a shortgage of property in the UK. If there was a shortage of food, you wouldn't solve the problem by allowing people to borrow more and more money to buy it, rationing the food would be the better option for most people (apart from fat, rich folk). It would be much harder to ration property, as there is much wider ownership of houses than there is of food. So what do you do ? I'd say the next best thing is to ration the ability to buy those limited houses. And I think I know the best way to do just that.

We now know that Hamish wants "unlimited funds from the wholesale markets" (or words to that effect) to be made available for mortgage lending. It is that kind of thinking that has got us where we are now. Hamish want's his cake, some of everyone else's cake and a bit more cake.

Hamish, you need to diet.

shortchanged_2

Try this headine instead Hamish.........

"1 Million first time buyers are prevented from getting on the housing ladder because of a STILL overpriced housing market, combined with the banks now SENSIBLE approach to mortgage lending."

DervProf

shortchanged wrote: »

Try this headine instead Hamish.........

"1 Million first time buyers are prevented from getting on the housing ladder because of a STILL overpriced housing market, combined with the banks now SENSIBLE approach to mortgage lending."

Does not compute.

DaddyBear

Nasty banks, wanting proof of income and deposits before handing out hundreds of thousands of pounds.

ILW

Hamish really does have a problem with the definition of rationing.

Jimmy_31

ILW wrote: »

Hamish really does have a problem with the definition of rationing.

I think its just the fact that less people are now able to buy an over priced house that bothers him.

wymondham

DaddyBear wrote: »

Nasty banks, wanting proof of income and deposits before handing out hundreds of thousands of pounds.

yes, how unreasonable, plus on something that will in all certainty fall in value, after all this is why the deposit is so high - you lose your own money first!

the.ciscokid

HAMISH_MCTAVISH wrote: »

http://www.express.co.uk/posts/view/238229/2382291m-first-time-buyers-frozen-out-of-market#ixzz1KIuXFkU3

Mortgage Rationing rears it's ugly head yet again.

Oh, and.....

How many mortgages are we each allowed?

abaxas

Proof that protectionism in the market is doing it's job.

But we could also spin this

1 million home owners who are unable to sell.