I was concerned to hear that the number of mortgages for home buyers fell in August for the third month in a row. Demand for mortgages continues to be weak despite more properties coming on the market. Currently in Dundee and Angus there are 20% more properties coming on the market than there are sales. This is a concerning trend.
My view is that with the economic uncertainty and banks still showing an unwillingness to lend, there are a few more bumps on the road to economic and housing market recovery.
My watch word for this current time is uncertain and this re-enforces to me the importance of anyone contemplating getting involved in the property market taking the correct legal advice from solicitors with property experience.
- UK Mortgage Approvals Slump To 16-Month Low (news.sky.com)