Buyers finding it difficult to secure a mortgage

The property market is constantly changing and it is difficult to predict when it will stabilise, it has been suggested.

According to Your Move, first-time buyers and buy-to-let investors are finding it hard to secure a mortgage, as products requiring a low deposit are no longer freely available.

Sales director at the estate agency Gareth Samples noted that the market is "not going to get that much better" until mortgages with a high loan to value, such as 90 or 95 per cent, return.

And he added that those selling their properties are finding it difficult to compete with home builders, who can offer discounts.

Nationwide's latest house price index showed that the average cost of a UK property in September was £161,797 - more than a 12 per cent decrease since 2007.

And a recent survey by the Co-operative Bank and Places for People found that first-time buyers expect to need a deposit of over £19,000 on average.

  • Property News from Lawpack: buying or selling your own house? Straight-forward advice on DIY house buying.

Published on: October 17, 2008

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