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Lack of mortgage finance hits housing market
20 August 2008
More people are likely to rent property because the housing market is being constrained by a lack of mortgage finance, claims iammoving.com.
A survey by the Royal Institute of Chartered Surveyors found that instructions to let houses and flats increased at the fastest pace in the history of the study and this is because of a declining mortgage market, according to iammoving.com.
Simon Preston, chairman of iammoving.com, said: "Until that mortgage market comes back I don't think the owner-occupier market is going to resuscitate itself."
According to Mr Preston, people looking to move house or get onto the property ladder should spend time finding the best mortgage deals as the market is shrinking.
"The truth of the matter is that the housing market is being severely constrained by the lack of mortgage finance," he added.
The Council of Mortgage Lenders (CML) reported in August 2008 that the average homebuyer put down a 22 per cent deposit in June 2008, up from 20 per cent in May.
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