Tougher mortgage lending means fewer buyers

08 October 2014

Market statsTough new regulations have been introduced to the UK mortgage market over the past six months which are designed to ensure that buyers can afford to pay their mortgage in the event of steep interest rate rises.

According to the Guardian, “Fresh evidence of a slowdown in the housing market has come in new data showing mortgage lending for house purchases slipped back for the second month running in August.

The Bank of England reported mortgage approvals for house purchases eased back to 64,212 from 66,100 in July and 66,923 in June.

The figures come hard on the heels of Hometrack saying on Friday that house price growth had stalled in September. Prices did not rise for the first time in 18 months, according to its survey, as increasing numbers of would-be buyers worried about warnings of a property price bubble and a looming rise in interest rates.”

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