Mortgage accessibility could restrict house purchases, says BSA
Date:Wednesday 15th December 2010
Author: Max Freedman
The Building Societies Association (BSA) has suggested property purchase levels may rise over the next year if they are not held back by accessibility to mortgages.
Head of mortgage policy at the institution Paul Broadhead explained there are several barriers to the recovery of the housing market, such as worries over job security.
But he went on to say that some of the most significant factors are consumers' ability to raise a deposit and access a mortgage.
Mr Broadhead stressed that there are a lot of people in the UK who believe the next 12 months will be a good time to buy a property.
"Although the housing market remains uncertain, the public does not expect house prices to fall as dramatically as they did two years ago," he said.
The BSA's Property Tracker report for December showed 43 per cent of Brits think it is currently a positive period to purchase a home.
Figures released by the organisation last month indicated there was a ten per cent reduction in mortgage lending by mutuals from September to October.