The Council of Mortgage Lenders (CML) have stated that UK mortgage lending hit a two-year high in August 2012.
Mortgage availability has been increasing since an £80 Billion (GBP) funding for lending scheme was launched at the start of August 2012, although much of this has only been made available to residential property buyers with deposits of at least 20%.
Mortgage lenders toughened borrowing criteria following the credit crunch and many estate agents are still reporting that residential and Buy to let mortgages are no easier to obtain, with lenders picking through every detail of all applications.
Miles Shipside, director of Rightmove, said increase in asking prices “is most likely attributable to the continued shortage of new property supply. Sellers need to be mindful that the window of opportunity to sell before the traditional winter slowdown is a narrow one, and they risk being left out in the cold for months until the spring market thaw. In addition, estate agents are reporting that mortgages are still no easier to obtain, with risk-averse lenders nit-picking every detail of the mortgage application paperwork, even from buyers who seem squeaky clean.”
Rightmove said its own research has found that fewer than 40% of would-be buyers would arrange to visit a property they believe to be over-priced, even if it matches their criteria.
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