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| Version 0 | Version 1 |
|---|---|
| First-time buyers still struggling | First-time buyers still struggling |
| (about 7 hours later) | |
| By Andy Verity Property Watch, BBC Two | By Andy Verity Property Watch, BBC Two |
| Louise and Seb have struggled to raise the deposit needed to secure a mortgage | Louise and Seb have struggled to raise the deposit needed to secure a mortgage |
| If you listen to estate agents and surveyors and believe what they say about the housing market, they have some interesting news: | If you listen to estate agents and surveyors and believe what they say about the housing market, they have some interesting news: |
| The frozen housing market is thawing and buyers are coming back into the market. | The frozen housing market is thawing and buyers are coming back into the market. |
| Both the estate agency Hamptons and the Royal Institution of Chartered Surveyors say they are seeing a growing army of buyers not only staring through their shop windows but also viewing properties and making offers. | Both the estate agency Hamptons and the Royal Institution of Chartered Surveyors say they are seeing a growing army of buyers not only staring through their shop windows but also viewing properties and making offers. |
| Before you point out the rather strong vested interest both these sources have in pointing to any positive aspect of the housing market whatsoever, and before you make a sarky reference to the phrase "green shoots", pause for a second. | Before you point out the rather strong vested interest both these sources have in pointing to any positive aspect of the housing market whatsoever, and before you make a sarky reference to the phrase "green shoots", pause for a second. |
| There are reasons why it makes sense for buyers to come back into the market. | There are reasons why it makes sense for buyers to come back into the market. |
| As always there are plenty of people whose lives are changing - they are growing up, getting married, having babies, getting divorced. And when their personal circumstances change that creates demand for new homes. | As always there are plenty of people whose lives are changing - they are growing up, getting married, having babies, getting divorced. And when their personal circumstances change that creates demand for new homes. |
| Many people in that situation have been waiting for months or years prices to come down to earth. That means pent-up demand for whatever comes on to the market. | Many people in that situation have been waiting for months or years prices to come down to earth. That means pent-up demand for whatever comes on to the market. |
| Houses are cheaper than they have been in four years. And mortgages are cheaper, perhaps cheaper than they have ever been. | Houses are cheaper than they have been in four years. And mortgages are cheaper, perhaps cheaper than they have ever been. |
| You can borrow at a mind-boggling 2.3% if you have a big enough deposit. In theory, that pent-up demand could now be released. | You can borrow at a mind-boggling 2.3% if you have a big enough deposit. In theory, that pent-up demand could now be released. |
| Buyers emerge | Buyers emerge |
| But who is actually buying? You might expect it to be those frustrated first-time buyers, encouraged by those falling prices and cheap mortgages. There was no other option but to stay put Louise Aiken Tell us your property stories | But who is actually buying? You might expect it to be those frustrated first-time buyers, encouraged by those falling prices and cheap mortgages. There was no other option but to stay put Louise Aiken Tell us your property stories |
| People like Louise Aiken and her husband Seb. | People like Louise Aiken and her husband Seb. |
| We came across Louise as we researched a landmark new series for BBC Two, Property Watch, coming up in the spring. | We came across Louise as we researched a landmark new series for BBC Two, Property Watch, coming up in the spring. |
| She works as a marketing manager, while her husband is in luxury clothing in the west end of London. | She works as a marketing manager, while her husband is in luxury clothing in the west end of London. |
| "We have always dreamed of owning our own place. With prices falling we thought it would be a great time to buy," she says. | "We have always dreamed of owning our own place. With prices falling we thought it would be a great time to buy," she says. |
| Louise narrowly escaped redundancy last year and with a baby due in April, her new family needs a settled home. | Louise narrowly escaped redundancy last year and with a baby due in April, her new family needs a settled home. |
| A two-bed flat on the ground floor would do, somewhere commutable - perhaps Tooting in southwest London. She and Seb have no debts. | A two-bed flat on the ground floor would do, somewhere commutable - perhaps Tooting in southwest London. She and Seb have no debts. |
| Staying put | Staying put |
| Aren't they the ideal customers for our lenders - a committed, hardworking, creditworthy family? | Aren't they the ideal customers for our lenders - a committed, hardworking, creditworthy family? |
| They have saved for a deposit. But here's the problem: for all their work they can't manage to raise 10%. | They have saved for a deposit. But here's the problem: for all their work they can't manage to raise 10%. |
| And without that, the cheapest mortgages simply aren't coming their way. | And without that, the cheapest mortgages simply aren't coming their way. |
| Price falls or no price falls, they cannot get the deal they want for the property they need. After numerous viewings, and with time running out, they have decided to keep renting. | Price falls or no price falls, they cannot get the deal they want for the property they need. After numerous viewings, and with time running out, they have decided to keep renting. |
| "It was proving very difficult to secure the finance and find anything suitable," she says. | "It was proving very difficult to secure the finance and find anything suitable," she says. |
| "Our landlord offered to redecorate our bedroom and make improvements in time for the baby's arrival. There was no other option but to stay put." | "Our landlord offered to redecorate our bedroom and make improvements in time for the baby's arrival. There was no other option but to stay put." |
| If the housing market was working, cheaper prices and bargain basement mortgages should be drawing first-time buyers back to the market. | If the housing market was working, cheaper prices and bargain basement mortgages should be drawing first-time buyers back to the market. |
| The estate agents aren't making it up. But whoever these new buyers are, they aren't the likes of Louise. | The estate agents aren't making it up. But whoever these new buyers are, they aren't the likes of Louise. |
| | |
| BBC Two is planning a major series for May on property prices and the downturn. If you are currently stuck in a housing chain or are struggling with your mortgage we'd like to hear from you. You can send us your comments using the form below. | |
| Your details will not be published but you might be contacted by the BBC, so please remember to include a phone number. | |
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