Buying property 'more difficult than ever'
The current climate makes it more difficult than ever to enter the property market, it has been suggested.
Figures from the Council of Mortgage Lenders (CML) have revealed that the number of loans granted to first-time buyers nearly halved last year, dropping to 194,200.
And Liberal Democrat shadow housing minister Sarah Teather described the housing market as being "in the doldrums".
"With mortgages drying up … it seems that the dream of owning a home of their own is as far away as ever for would-be first-time buyers," she said.
Those thinking of living in London but who fear they will not be able to secure a mortgage may prefer to rent a house or flat instead.
Overall CML statistics showed that activity among purchasers is at its lowest level since 1974, with the number of loans approved for homebuying dropping by 49 per cent compared to the 2007 level.
Published 12th February, 2009
© 2009 Estates IT Limited
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The current climate makes it more difficult than ever to enter the property market, it has been suggested.