Consumer confidence in the home loan UK market continues to wane and many are concerned about just how bad things will get before and changes are felt. More foreclosures are being reported and although it looks as though rates for home loans UK will be falling soon, it may not be in enough time to help bolster enough confidence to give the industry the shot in the arm that it so desperately needs at this time. These problems in the home loan UK market have the potential of continuing over the next several months.
“The negative sentiment towards the housing market suggests that even those people who can obtain and afford a mortgage may choose to steer clear of the housing market until house prices appear to have reached a floor,” said Seema Shah, property analyst at Capital Economics.
David Dooks, statistics director at the BBA, said: “The monthly numbers of approvals for house purchase, which have fallen by some two-thirds over the last year, levelled off in July. It would, however, be premature to think that the housing market will now start to recover, because overall approval activity continues to be very low.”
Related reading: Home Loans UK
Comment on this article