House price performance to impact lenders' criteria

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House price performance to impact lenders' criteria

The performance of the UK housing market over the coming months will determine the lending criteria for homebuyers as the year progresses, it has been claimed.

Gary Styles, strategy, risk and economics director at Hometrack, said the first six months of the year will play a large role in determining whether lenders ease back on their borrowing criteria, especially for first-time buyers, with a fall in values likely to take place.

He commented: "If we were to see falls that were much more severe than [two to three per cent] then obviously we would see a reining in of lending criteria."

According to the Royal Institution of Chartered Surveyors, 12 per cent more surveyors across the UK have reported rises rather than falls in newly agreed sales since the beginning of the year.

As a result, house sales edged up slightly during January as an increased number of first-time buyers looked to beat the stamp duty holiday.

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