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Global distressed property listings ease back, but other markets to rise |
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“Distressed listings are still rising albeit at a slower pace in much of the rest of Europe and the US”
Growth in distressed property listings eased back in more than 85% of countries surveyed according to a global report by RICS.
In the second quarter, 13 out of the 25 countries surveyed reported an increase in distressed sales, an improvement on the 17 countries reporting three months earlier.
The largest growth in distressed sales was reported in Portugal, followed by US and Republic of Ireland.
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Falling prices good for FTBs, but not for lenders |
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The First Time Buyer mortgage market has seen an increase in activity of late. Latest figures released by the Council of Mortgage Lenders have shown a 20% rise in approvals for first time buyer mortgages in June. Moneyfacts research shows that the current average two year fixed first time buyer rate for borrowers with a 10% deposit is 6.15%, down from 6.48% six months ago. For those fortunate enough to lay down 25% of the property value, the average two year fixed rate has reduced to 4.11% from 4.37% during the last six months.
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