Perhaps Countrywide's woes are down to a dearth of first-time buyers, who are set to become "an endangered species" according to the Daily Express (16 June). Sales to young buyers fell to 14% last month, according to the National Association of Estate Agents, leading economists to worry that the market would stagnate.
Those first-time buyers won't be too pleased with the nation's savers, whose prudence is keeping the housing market buoyant, according to the Birmingham Post on 10 June. Research from Black Country-based Tipton & Cosely Ðǿմ«Ã½ Society found a record inflow of savings is fuelling an upturn in mortgage demand.
Meanwhile, chancellor Gordon Brown's plans to increase the use of long-term fixed-rate mortgages were hit by news in the Financial Times (12 June) that Freddie Mac, a US firm specialising in them, is having its accounting practices probed.
Source
Housing Today
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