Low lending levels hamper Welsh real estate recovery
The Welsh sector of the UK property market is facing further restrictions on the road to recovery due to lenders reluctance to increase lending levels.
A new report from LSL Property Services show that residential real estate sales throughout Wales were around 5 per cent lower than was expected for the month of March and that first time buyers are finding it extremely difficult to access home loan funding at a realistically affordable rate.
Experts suggest the dip in sales is due to a shortage of first time buyers in the market place and without a steady supply of new buyers then housed prices are beginning to fall. The price of the average home in the Welsh sector of the UK property market stands at around £152,230 and is almost 0.5 per cent lower than the same time a year ago.
Industry specialists believe that many first time buyers across Wales are stuck in costly rented accommodation which is making it harder for them to save for a deposit.