Response to the BBA's High Street banking Lending Statistics for September 2014
Wed 22 Oct 2014
Peter Rollings, CEO of Marsh & Parsons, comments:"There was some hesitation earlier in the year from new buyers following the Mortgage Market Review when stricter affordability checks on borrowing and lending slowed the process. Now these new regulations have bedded in, this has coincided with a broader stabilisation in the property market as house price growth tails off and the pace of transactions eases. But as trading conditions return to native territory after exceptional circumstances earlier this year, consumer confidence is on the up and all the building blocks are in place for a strong final few months of activity in 2014.
"With an interest rate rise currently being kept at bay and many attractive mortgage products available, now is an excellent time to get onto the ladder. The supply of property currently on the market would have been unimaginable a few months ago, and there are now only 12 buyers competing for every available home for sale compared to 24 in January. This fact, combined with robust demand and a healthy dose of realism, means sellers can still achieve excellent prices for their properties, benefiting from a strong annual growth in values."