Mortgage lenders 'will continue to face problems'

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Mortgage lenders 'will continue to face problems'

Commenting on the latest Nationwide house price data, the Royal Institution of Chartered Surveyors (Rics) has suggested that mortgage lenders will continue to face problems in the near future.

It noted that in response to worsening financial conditions, providers are tightening their lending criteria and raising the cost of mortgage loans.

A spokesperson for the group said: "This is making even harder for first-time buyers to take their first step on to the property market."

Rics suggests that "there is little reason to believe" that the difficult conditions causing mortgage lenders to take these steps will disappear anytime soon, meaning more hard times ahead for would-be homeowners.

Earlier today, Nationwide revealed that UK house prices fell for the fifth consecutive month in March, by an average of 0.6 per cent, bringing the annual rate of house price growth to 1.1 per cent.

That is the lowest level for 12 years, although prices are still 11 per cent higher than in 2006 and 47 per cent higher than five years ago.
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