‘Mortgage deal failures’ knock house sale figures

Some house buyers are struggling to agree a mortgage deal with lenders which has led some property purchases to fall through, one expert has said.

According to the president of the National Association of Estate Agents (NAEA), Chris Brown, estate agents across the country have been powerless to stop house sales falling through due to mortgage problems.

However, Mr Brown noted that this can happen even in the “best of markets”.

Furthermore some areas of the country are reporting a stabilising property market, although first-time buyers are still wary of the current situation, he added.

“Many, especially first-time buyers, will be feeling the results of the credit crunch and tighter lending leading to them being unable to move onto the ladder or up the chain,” he said.

Fewer house purchases were completed between September and December last year compared to the same period in 2006, recent figures from the Land Registry revealed.

© Adfero Ltd

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