Peter Rollings commenting in response to today's CML regulated mortgage survey results
Fri 11 Mar 2011
"These numbers keep getting worse despite two years of record low interest rates. Nobody is calling for a return to the irresponsible lending of a few years ago, but the choke on mortgage finance is stifling buyers who want to take advantage of the value there is in much of the UK property market at the moment. But there are a lot of people who do have cash to invest, who are piling it into bricks and mortar. Activity in the London property market is being buoyed by the substantial demand from UK and international cash buyers, who are immune to the current mortgage finance famine and are triggering stiff competition for the limited stock of prime properties on the market. In the capital, the days of gazumping have returned with a vengeance, and more and more properties are going to sealed bids. Anyone who thinks they can bid way below a sensible asking price is dreaming."
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