Expats hit by housing crunch

There is also some grounds of oversea brokers using the full general air of pessimism to over-promise and exaggerate the funding options open to borrowers. So to avoid the job of a lost sale, Offshoreonline.org is goad buyers to speak to UK regulated brokers, so they do not all of a sudden find themselves disappointed at the 11th hour.

Tim William Harvey continued, "We have noticed an addition in question from exile who have been promised apparently attractive loans from large lenders who have never been in this marketplace. For the buyer, they have to go through the whole application process, only to have the loan petition rejected as soon as it is submitted. We use a panel of lenders, all of whom have a long and proven track record in this marketplace, so client know where they stand from the beginning."

But it is not all bad news. With this dramatic fall off in demand, sellers have had to all of a sudden be more realistic with request prices, as the balance of power has swung definitively back to the buyer. As, many surveyors are now valuing houses at anything from 10% to 15% below the advertised price, according to one estate agency chain, Savills. For the expatriate buyer then, these could be good times to re-enter the market, as prices are falling and buyers are far more open to good quality offers.

The post credit crunch message for the expatriate house buyer is therefore clear. The balance of power has swung back in the favour of the buyer, but in order to maximise this advantage, buyers have to be realistic and be prepared to commit to a 20% deposit to guarantee their mortgage.