There is no doubt that the housing market is fragile and with credit conditions worsening last month, it is no surprise that house prices are sluggish. Lenders have made mortgages more difficult to secure for those without large sums of cash to pay up-front by reducing loan-to-value in September. Particularly effecting first time buyers, and the 'Bank of Mum and Dad' a source of funding, is reportedly also drying up.
At the moment we are all waiting with baited breath to see the effects of further austerity measures in government's spending review, and the effect of further policy measures such as another round of quantitative easing. We will be keeping a close eye on the housing market over the next couple of months, but until then we would not expect to see major swings in either direction.
However on a more positive note, at Intercounty we experienced a good sales month in October. We strongly believe that with careful planning and our expertise in the housing industry we can expect to continue to do so.
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