Despite headline house prices rising for the 21st consecutive month there is clear evidence of weakening demand in the property market. The combination of a continuing house price boom and the general state of the UK economy has led many analysts to predict that the headline interest rate will hit 6% by the end of the year, and it is that impending threat that is putting off potential first time buyers. The RICS report has highlighted that these fears have prompted the lowest number of inquiries from first time buyers since August 2004.
Evidence of falling house prices in the US due to the collapse of the sub-prime mortgage market, has also made first time buyers extremely cautious, as they are wary of taking out mortgages and buying at the top of the market, under the threat of further interest rate rises. RICS spokesman Jeremy Leaf said: ?The combination of slowing demand and supply is causing a further weakening of housing market conditions. Interest rates are perched at 5.75% and the strong possibility of a jump to 6% has led to aspiring first time buyers waiting until the market trend becomes clearer before deserting rented accommodation.?
Figures produced by the Association of British Bankers show that almost nine out of ten UK mortgages granted during July were remortgages - highlighting the fact that record mortgage lending for the month was driven by existing homeowners seeking better deals following the interest rate rises. Under such conditions and with the average UK house price now reaching in excess of ?214,000 many potential first time buyers are understandably wary about taking out substantial borrowing. Even if they do their homework and to get the best deal, the amount of monthly outlay for first time buyers would still represent a significant amount of their household budget.
Indeed the situation is so desperate for potential first time buyers that nine in ten would sacrifice a future portion of equity if it meant they could get on the ladder now, according to recent research produced by the website First Rung Now. This desperation has led to a number of lenders offering a ?shared appreciation? mortgage where, as an alternative to a deposit the borrower exchanges a proportion of the future equity. With almost one in five potential first time buyers having no deposit this scheme is proving popular.
But, even despite this type of help offered to first time buyers to get them on the property ladder it appears that the uncertainty surrounding house prices and interest rate increases is forcing many of thousands to abandon their plans of home ownership ? at least for now.
How To Help Endangered Species
I became an animal lover when I was a child. My parents were veterinarians and I spent a lot of my childhood helping them care for sick animals. My first dog was a mutt that had been hit by a car and brought in by a driver passing by. He had a broken leg and I bonded with him as his leg mended. Since no one claimed him, my parents let me keep him. It's because of Rusty that I developed my baseball pitching prowess, since I would throw the balls and he would tireless retrieve them for me. Now that I'm a little league coach, I suggest to the parents of my charges that they should get their children a dog to do the same.
I am very concerned about the endangered species of the world. I had been looking for a way to do something to prevent their extinction and realized I could adopt them the way I adopted Rusty, not by bringing them home of course, but by contributing to the World Wildlife Fund, (WWF). This is a great organization that has dedicated itself to the protection of endangered wildlife. You choose the animals that you want to help protect and send them a set amount of money each month. They use the money to safeguard the animals within their ordinary environment.
They offer a range of animals to choose from, such as the Black Rhino, Bengal Tiger, Bottlenose Dolphin, Orangutan, Giant Panda and the Asian Elephant. All of these animals need protection from the threats presented by mankind.
When you adopt an animal through the WWF, you receive a picture of the animal, a plush toy and a certificate. By displaying them in your home, you can show them to your visitors and educate them about the plight of these animals. My daughter has confiscated the toys, and my wife has put the pictures on the fridge. I do keep the framed certificates in the family room and never hesitate to ask my friends to consider adopting an animal.
Everyone in my family has adopted their own animal. My daughter chose the Giant Panda and my wife chose the Bottlenose dolphin. I chose the Black Rhino.
The Giant Panda has become endangered due to the forests that they live in being cleared for agriculture and lumber. This has also become a problem for the Orangutan and the Asian Elephant. The Black Rhino is being killed for its horn, which is used for medicinal purposes, and poachers have also focused on the Bengal Tiger. The Bottlenose Dolphin is a victim of the commercial fishing industry. They get caught in the nets used for other fish and are also suffering from polluted waters.
These beautiful animals need to be protected because they are in danger of becoming extinct and once that happens, they are gone forever.
Both Adam & Gregg Hall are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Adam has sinced written about articles on various topics from Computers and The Internet, Sony Ericsson Mobile Phones and Computers and The Internet. Adam Singleton writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.. Adam's top article generates over 135000 views. to your Favourites.
Gregg Hall has sinced written about articles on various topics from Lingerie, Desserts and Mortgage. Gregg Hall is an author living in Navarre Florida. Find more about this as well as at. Gregg Hall's top article generates over 3350000 views. to your Favourites.
