Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › How does this crisis compare with the UK’s in the 90s? › Re: Re: similarities
A shake out is good for the market though, and allows 1st timers a chance to get on the ladder, .
I read yesterday that 1st time buyers need an average of £40,000 as a deposit + the mortgage arrangement fee. These days, most 1st timers need help from parents, not always financially but to stand as guarantors for their mortgage. How many parents are going to be able to do either of these now, when we are seeing prices for utilities rising almost daily and seeing their own property devaluing?
I do not think anyone can compare Spain with the UK in this down turn. The UK has a larger GDP than Spain and a more diversified economy.