Peter Rollings commenting on CMLs latest mortgage statistics
Fri 14 Jan 2011
The slight loosening of lending criteria towards the end of the year was a step in the right direction, but much more progress is needed from lenders throughout 2011. Even with an 80% LTV, a first-time buyer currently requires nearly 33,000 for a deposit on the average UK house. And the situation is even more acute for buyers in London. With the average London house price standing at 341,009, buyers would need to pay over 68,000 up front. Mortgage finance is the lifeblood of the housing market, and we wont see a resumption of the recovery in the market in most areas of the UK unless lenders offer first-time buyers big enough mortgages to get their foot on the property ladder. Despite the mortgage drought, we have seen a continuing improvement in market activity in Central London. Domestic and international cash buyers immune to mortgage worries - have bolstered demand for prime properties in the centre of the Capital, and the advent of bonus season in the City has played its part in a strong December and beginning of 2011.
For further information please contact:
The Wriglesworth Consultancy Dan Pike / Neil Mackwood 0207 427 1400
Marsh & Parsons has been part of the London property scene since 1856. The sales and lettings agent has 14 offices situated in prime positions across central, west and south London. They have an intimate and extensive knowledge of the area.
Marsh & Parsons are an independent and professional firm with a 'can-do' attitude covering all aspects of residential property. They aim to establish individual relationships with clients through a business built on energy, agility, professionalism and knowledge. Their business aim is to be the agent who not only understands the local area around their offices better than any other agent, but also to be at the heart of the community.