UK housing market "constrained"
20 August 2008
The UK housing market is under pressure by a lack of financing for mortgages, said Simon Preston, chairman of iammoving.com.
He said the market was "severely constrained" due to the lack, with those looking for a mortgage worth a large percentage of their property particularly struggling.
Mr Preston went on to say that the owner-occupier market would not "resuscitate itself" until the mortgage market is healthier.
This month the Council of Mortgage Lenders (CML) released figures showing that the average first-time buyer borrowed 3.33 times their income, with the average person moving house borrowing 2.94 times their income.
A survey released yesterday from the Royal Institute of Charted Surveyors (RICS) showed that new instructions to let houses and flats have gone up quicker than any time since the survey began, with 43 per cent of surveyors saying they had seen a rise in landlord instructions.
The average price of a house in the UK in July this year is £169, 316, a drop of 8.1 per cent when compared with July last year
