One million homeowners trapped in homes that won't sell
Reports by several organisations that UK property is facing another slump and may yet experience a 'double-dip' is unwelcome news to the million plus homeowners who have been unsuccessful in finding a buyer over the last twelve months.
According to Santander Bank in the year ending in June more than 720,000 property owners in the UK have sold their property but more than a million householders have tried to sell but were unable to close the deal.
New buyers perusing the property market are having no difficulty finding a suitable property in which to settle the problem is in arranging finance to secure the deal. Although well able to afford the monthly amount needed to pay the mortgage people are having great difficulties saving the tens of thousands of pounds required for the average mortgage deposit.
Research shows the most widespread reason that the property has not sold is that vendors did not recieve an acceptable offer - it seems today's buyers are looking to beat down prices.