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Thursday 14th August 2008
A report by HSBC into the UK mortgage market has thrown up some rather strange results with the company claiming that far from finance being a problem for the housing market, 98% of those looking to buy have had no problem arranging a mortgage. It seems as though a lack of confidence in the property market, the economy and concerns in the area of employment are of more concern to potential property buyers. But can this be true?
While the survey facts and figures are there for all to see there is a sneaking suspicion that mortgage finance is not as readily available as HSBC might have you believe. We have seen the headlines of falling rates but behind the scenes we have also seen the increase in deposits required. The two just do not go hand in hand as elements which will help the market.
Maybe we are seeing a turning of the tide in the mortgage market, maybe finance is more readily available but until house prices at least level off this theory is unlikely to be put to the test. There are still many elements which are weighing down on the property market with little likelihood of a short term change in the situation. |
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