The recent economic downturn has no doubt caused many financial hardships for numerous people in many countries. The impact has been felt far and wide. The repercussions of these trying times, has been the reduction of available funding options for people looking to purchase property. This in itself has led to further problems with property prices dropping, due to an overabundance of available properties and the decreased availability of potential funding such as mortgages which means fewer people are able to purchase.
What happened was that the banks in essence reviewed their criteria, with a view to increasing the safeguards in terms of lending. Self employed individuals were some of the worst affected, as previously available self certification mortgages suddenly became unavailable, which made it extremely difficult if the individual had no proof of income. In addition the banks reduced the loan to value of the loans available whereas previously 90% mortgages were accessible, the LTV ( loans to value ) decreased to around 70%, which meant that people would have to find up to 30% deposits, which was an issue for many. However, as time has gone by, the lending institutions have started to improve their offerings, with more and more mortgages and loans available than have been available for some time. This is leading to a resurgence within the property market with the first increases in property values being seen across the board, which is leading to more people looking to sell their properties and more buyers open to purchasing.
When it comes to selling a property, whether commercial or residential, the traditional method has been to utilise a qualified and professional estate agent such as Hunters Estate Agents who operate in various areas including Camberwell. The reason for this is simply that with experience of the market, procedures and intricacies involved in selling property they are best placed to offer advice and guidance to achieve a successful outcome. A professional estate agent will assess and review a property as well as market the property, with a fee payable upon sale. In addition with the internet offering easy and effective access through websites, the ability to review properties no matter where the individual is located, offers unrivalled opportunities.
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