/24-7PressRelease/ - LONDON, UK, November 26, 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.
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