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The number of homes sold in the UK in August fell, the first drop in monthly housing sales for the year. According to HM Revenue and Customs (HMRC), 83,000 homes were sold in August compared to 87,000 in July. While there was a drop, the number of monthly sales in August was still much higher than in the beginning of 2009.
First time home buyers are being hurt by the credit crunch, according to research from website Moneyfacts.co.uk. Borrowers with a smaller deposit are being charged higher rates as well as being denied loans by lenders. Rates have not fallen much for low deposit borrowers, while rates for those with a large deposit have. This is hurting first time buyers who don’t have large amounts saved or equity in existing homes.
The cost to mortgage lenders has fallen 4.25 percent over the last two years, but 10 percent deposit loans have only seen a drop in mortgage rates of just 0.12 percent. At the same time, 40 percent deposit loans have fallen an average of 1.86 percent in the same time period.
Michelle Slade of Moneyfacts said that while there is a risk for lenders in low deposit mortgages, the higher margins asked now seem excessive. “Sub-tow percent rates are being advertised by lenders, but we have no way of knowing how many borrowers actually qualify for these deals. Having been tempted through the door, many are likely to be offered much higher rates.”
“First time buyers, once seemingly the lifeblood of the property market, are now apparently being ignored as lenders continue to cherry pick lower risk borrowers, she continued.”
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