Tuesday
23rd March 2004
Don't panic over property prices |
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| First
time buyers are finding it hard to get on the ladder |
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You're
a first-time buyer, you want to buy in Liverpool, but it's all gone
a bit crazy!
We look at the options for people entering the lower end of the property
market. |
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Why
have the prices gone mad?
Liverpool property prices had been cheap in comparison with the rest
of the country for many years.
The recent increase in prices is a result of a nationwide trend and
the interest from outsiders and the Capital of Culture title.
The prices havent jumped overnight, they have been rising over the
past few years to bring us in line with the rest of the country.
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| Houses
prices have risen quickly |
A lack
of housing supply and outside investment following the Capital of
Culture success has driven Liverpool property prices out of reach
of many first time buyers.
People are buying houses to do-up and sell on, some are buying with
the intention of letting out and others, known as speculative buyers,
are buying houses to hold on to until the time is right to sell on
at maximum profit.
But the market is already seeing a down turn with many properties
being withdrawn from auction without sale as a result of over pricing.
How do the high prices affect local people?
Prices in Liverpool are expected to level out, they are not expected
to crash. Therefore the higher prices mean that it is increasingly
difficult for first-time buyers to get on the ladder. It is now cheaper
to rent than it is to buy a property in Liverpool.
If you want help in buying your own property it may be worth contacting
a local Housing Association,which now offer part ownership schemes
whereby tenants part buy, part rent property as a way of getting on
the ladder.
Contact your local council for information on Housing Associations
in your area.
More information
 Latest
News: Mortgages and Housing
iCan
guide to to affordable housing
BBC
Guide to Property Buying and Selling
Mortgage
Calculator
A
guide through the mortgage maze
News:
Brown Moves to cool house prices
News:
Housing supply review
News:
Estate agents warned over service |
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