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| News » Residential Property Law » Housing market 'severely constrained' by lack of mortgage financing |
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21/08/2008
Housing market 'severely constrained' by lack of mortgage financing |
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Lack of mortgage financing is having a serious effect on the housing market, an industry expert has warned.
Iammoving.com has said that the problem is particularly bad for those with a small deposit.
Simon Preston, chairman of the online change of address service, has said that he does not expect the market to switch from renting to owner-occupiers for at least a couple of years.
Mr Preston said: "The truth of the matter is that the housing market is being severely constrained by the lack of mortgage finance.
"Particularly mortgage finance for those people who need a mortgage for a high percentage of the value of the property."
Figures from the Council of Mortgage Lenders (CML) have suggested that homeowners are deciding to rent their property out until the market recovers and then sell it.
The CML reported that 43 per cent more chartered surveyors saw a rise in landlords instructions to let this last quarter, compared to just 30 per cent in the previous quarter. |
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