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Mortgages not a problem
15 August 2008
Difficulty securing a mortgage is not the main reason why potential homeowners are not buying property, according to a new study.
Research by HSBC revealed that 98 per cent of people had no problem when attempting to arrange a mortgage and were content to wait to buy a house following predictions that property prices will continue to fall.
Martijn van der Heijden, HSBC's UK head of mortgages said: "Our latest study suggests that access to finance is not a major issue. Instead, many buyers are taking a wait and see attitude."
According to Mr van der Heijden, there are still an extensive range of the best mortgage deals on offer for home buyers but many do not want to buy a house only to experience negative equity at a later date.
"Naturally some feel uncomfortable buying a home which may be worth less in six month's time," he added.
According to the National Housing Federation, the average house price is expected to be nearly 25 per cent higher in 2013.
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