Mortgage lending slumps says National Homebuyers

Many UK homeowners may seek a fast property sale on the back of the news that mortgage approvals slumped in the last year.

[UKPRwire, Fri Apr 25 2008] Figures from the British Bankers' Association (BBA) show that loans approved for house purchase fell from 43,147 in February to 35,417 in March.

The annual drop was recorded as 46.2 per cent and March's figure was the lowest since the BBA figures were first published in 1997.

The lack of mortgage approvals is bad news for homeowners as fewer buyers inevitably means house prices will fall.

Many will be seeking a fast property sale in order to make as much money as possible before the situation gets worse.

"These are worrying figures which again demonstrate Gordon Brown's failure to prepare Britain for these tough economic times," said Philip Hammond, Conservative shadow chief secretary to the Treasury.

"Hard-working families across Britain are paying the price for his economic incompetence as they struggle to cope with the mortgage famine.

"The Bank of England has done its bit to try to ease the funding crisis – now it's the government's turn to take action to restore confidence in the housing market," he added.

Julian King of fast property purchasing organisation National Homebuyers adds, "The homeowner is now feeling the effect of the lack of buyers in the market.

"Those looking to sell their property quick are hardest hit as a sale within a reasonnable timescale, at a reasonnable value is highly unlikely.

"Homeowners looking for a fast property sale are encouraged to look for alternative sales routes to the traditional open market approach as the costs, delays and uncertainties of selling with an estate agency do not afford the homeseller the service they require.

"Those needing a quick sale because they are facing financial difficulties will be worst hit".

Mr King is a director of National Homebuyers the UK's leading fast house buying firm that guarantees to make an offer to purchase any property in the UK quickly regardless of its condition or location. The company also specialises in providing Sell and Rent Back solutions for homeowners who want to release equity in their property but remain living in their home.

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