Recent evidence by the National Association of Estate Agents (NAEA) has claimed that property purchasers within the UK are still failing to overcome a number of
significant barriers to home ownership in the current housing market. This has made it increasingly necessary for individuals seeking help finding a mortgage.
The National Association of Estate Agents’ latest monthly mortgage and property report has shown some slight decreases in supply and demand throughout the property market within the month of May 2011. The figures show that 275 people registered with a branch, compared to 277 in April. Although on some positive note, the market looks to be picking up as a figure of 265 was reported for May 2010.
According to the NAEA’ figures, the combination of pressure on household finances, the gloomy economic picture for the UK and the combination of large deposit demands appears to be causing significant stagnation in the housing market.
Wendy Evans-Scott, the President of the NAEA has said “Demand for property remains consistent but the barriers to buying are proving impossible to overcome for the vast majority of consumers.
“Our members have likened the housing market to an obstacle course, with many falling at the first hurdle as the finance required to buy just isn’t available. If they can actually get finance they are struggling to find the right property as there is not enough supply to offer the choice and then they still have to find the money to pay for Stamp Duty.
“The banks must find a balance between the loose lending of the boom and the rigidity of the current lending rules; house buyers need the Government to act in a sensible and proportionate way by encouraging the banks to offer adequate financial help to buyers.”
With these figures, it is becoming increasingly necessary for individuals seeking help finding a mortgage. With mortgage lenders increasingly more reluctant and risk averse to lend to individuals on the High Street it has become an increasing necessity for individuals to seek the services of a mortgage broker to meet their mortgage needs.