Mortgage Market Review impacts on house prices
September 20, 2014 by Brendan O'Neill
Mortgage Advisors
New data suggests that the revamped lending rules introduced as part of the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review have been a significant factor in the country’s shifting house prices, especially when combined with the general consensus that interest rates will begin to increase.
Recent figures released by the National Association of Estate Agents have shown that while the number of available properties is increasing, the number of people looking to buy is slowing down, meaning that up to two thirds of homeowners have resorted to reducing their asking price to secure the sale.
July saw just over 65% properties selling for a lower sum than the initial asking price – a sharp increase following May, which saw less than 50% of sellers accepting a discount.
The Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review was undertaken to ensure that all lenders acted transparently and responsibly when agreeing mortgages, to prevent the lending problems of the past.
The National Association of Estate Agents’ managing director, https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Hayward, said that it was the areas with a housing deficit that had pushed the house prices up over the course of the last 12 months, as the market began to recover.
He said he felt that the number of homeowners reducing their asking price was in fact a positive factor, saying:
“This not only signals an appetite for movement in the market, but it is also positive news for current house buyers.”
The changes mean the support received from a CeMAP qualified professional is a vital part of the buying process.
Written by
Brendan O'Neill
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