Is the credit crunch causing the confidence crisis?
14 August 2008
People are not confident in their ability to fund a new property as the cost of living rises, according to new research by HSBC.
A study by the financial services provider found that nearly all (98 per cent) of potential housebuyers have no problem arranging a mortgage, but their expectations for the future see property prices falling.
Martijn van der Heidjen, UK head of mortgages at HSBC, states that the common perception at the moment is that banks are not offering mortgages, in news that may be of interest to consumers looking to compare popular mortgages.
"In fact, our latest study suggests that access to finance is not a major issue. Instead, many buyers are taking a wait-and-see attitude, naturally some feel uncomfortable buying a home which may be worth less in six months' time," he adds.
Meanwhile, Knight Frank recently noted that Scotland and the south-east of England are likely to be good places to invest in property in the next few years.
