Rightmove: Mortgage deals being rationed
www.moneynews.co.uk > Mortgages > Rightmove: Mortgage deals being rationed
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Money News |
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Rightmove: Mortgage deals being rationed
Mon 17th Aug 2009
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Miles Shipside, commercial director at property website Rightmove.co.uk, made his comments following the release of figures showing a 2.2 per cent drop in new sellers' asking prices in August.
He noted that prices had generally improved since last winter, but despite "pent-up demand", the trend would not continue if mortgage brokers did not get extra finance to back their lending.
"The market and pricing is boxed in by restrictive lending criteria put in place to ration mortgages given the lack of funds available to lenders," he said.
The figures appeared in the August edition of the Rightmove House Price Index, where the average property asking price was listed as £222,762.
The Bank of England reported last week in its inflation report that economic recovery in the UK would be "fragile" and "slow".
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