According to figures released today, people who want to buy a house in South Wales are finding it harder and harder to get property than those who live in other parts of the United Kingdom.
“The proportion of them that are intending to buy in the next 12 months is the highest we have recorded for four quarters”, said Miles Shipside of Rightmove. “This is seemingly driven by the sense from a growing percentage of this group that property prices will be higher in a year’s time… Speculating, this could be because first-time buyers are struggling to meet the lending criteria or it could be because of their credit ration”. Shipside also said that Wales has higher unemployment, lower wages and a level of economic uncertainty.
However, despite the fact that first-time buyers can’t get away from lenders demanding a decent down payment and aren’t willing to go down in price, the survey actually predicts in increase in home buying activity within the next year.
Shipside predicts this as well because he said there seems to be a shift of opinion amongst the people that area trying to buy a house for the first time that the prices may have reached their lowest point and will actually go up within the next year, so the time to act is now.
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