Should there be a minimum value for property developers buying up property?
This is not a communist country…developers are not the reason why 1st time buyers are not buying property… 1st time buyers are having problems bcoz property is over valued due to cheap credit that has now dried up…now the banks are wanting 20-30% deposits…again 1st time buyers can not raise these kinds of deposits…I personally blame the banks..they caused prices to raise too high by allowing pple with bad credit to get mortgages, allowing people to indulge in fraud in self certing mortgages…and that priced so many young people out….and now they punish 1st time buyers by wanting large deposits to minimise the banks risk well after the horse has bolted…. even if you say developers can not buy under 250K for example most young pple in London will be unable to find a 25% deposit on a 200K house…the prices would fall but so would those prices of more expensive houses further up the ladder…this would help developers buy even more property…but where would that leave the
