Peter Rollings commenting in response to the latest figures from the CML
Mon 11 Jul 2011
"The mortgage market took tentative steps forward in May, with an encouraging increase in the number of products on offer for first-timers. But lending is still markedly below the level we saw even a year ago let alone before the downturn. The reality is that getting a mortgage remains an uphill battle for the average first-time buyer. Unless buyers have a substantial deposit, they are unable to take advantage of the increasingly affordable properties available in the national property market at the moment. However there are a lot of people who do have cash to invest, and activity in prime London is going from strength to strength. Growing numbers of both international and domestic buyers are being drawn to investing bricks and mortar in the Capital - and with stock on the market limited, prices are still rising. Anyone who thinks they can bid way below a sensible asking price will be sorely disappointed."