Buyers 'concerned' over lack of mortgages
Concerns over obtaining a mortgage have become the biggest factor in preventing people from buying homes, a survey has revealed.
The Building Societies Association found that over half of people are worried that they will not be able to secure a loan, or that it will not be big enough if they do.
And the body noted that fluidity is unlikely to improve if, as expected, the Bank of England makes further interest rate cuts this week.
Director general Adrian Coles explained that savers are being put off by the falls, meaning less money is available.
A recent Adfero poll of 12 economists, financial institutions and business organisations found that 11 expect the Bank to lower the base rate, with the 12th predicting a hold.
But Mr Coles remarked: "A further reduction … will make people even less likely to save and disrupt further the flow of funds into the mortgage market, which is already significantly short of lending potential."
Those hoping to live in London but avoid problems in obtaining finance may prefer to rent a house or flat instead.
Published 3rd February, 2009
© 2009 Estates IT Limited
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Concerns over obtaining a mortgage have become the biggest factor in preventing people from buying homes, a survey has revealed.