Fears allayed by housing market slowdown

The Council of Mortgage Lenders has reported that for a second consecutive month, there has been a drop in the volume of mortgages being approved by lenders.

Combined with a report by lender Halifax that announced a decrease in house prices during October, the worries of some – that the market was heading for another recession – have been calmed.

Industry analysts have said this could indicate that the situation within the housing market is stabilising. Pete Redfern, who is the chief executive of housebuilding firm Taylor Wimpey, said:

“We are encouraged that conditions have moderated but remained positive. Today we are operating in a UK housing market which is growing steadily and sustainably.”

The latest report will be positive for the Bank of England and the Government, which have been desperately trying to prevent the industry from getting out of control. April saw the implementation of new stricter regulation following the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review. Martin Wheatley of the Financial Conduct Authority said, at the time, that it was to put common sense into mortgage lending.

A prospective mortgage professional must be committed to undertaking the required CeMAP training, and ensuring that they apply themselves in order to achieve the necessary level of qualification. It will be your job to make sure that you comply with the new regulation, carrying out detailed affordability checks on borrowers to ensure that they can comfortably maintain their repayments now and in the event of a rate increase.



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