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Mortgage acceptance tougher, say a third of homeowners

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Written by: Lana Clements
17/11/2017
A third of homeowners believe it has become increasingly difficult to get a mortgage in recent months, according to research.

More owners said home loan approval is harder to secure now than in April, a survey by property site Zoopla found.

At the same time, homeowners have lost confidence in the market, with house prices expected to fall or remain flat by almost a third of homeowners, the research showed.

Confidence in the housing market appears to be slipping – values were expected to rise by seven out of 10 owners, down from almost nine in 10 earlier this year. At the same time, the rate of anticipated growth has also been significantly marked down to 4.9%, from 7.8%.

Lawrence Hall, spokesperson for Zoopla, said: “Despite a dip in sentiment, the majority of homeowners are confident in house price growth in their area, albeit at a slower rate than previously experienced.

“This period of uncertainty could be good news and an opportune moment for first-time buyers who are hoping to get a foot on the property ladder.”

London owners most pessimistic

Londoners have the least faith in rising values, with just over six in 10 expecting an increase.

On the other hand, almost eight in 10 owners in both the East Midlands and Scotland are optimistic about the outlook for the property market.

Separate research from estate agent Knight Frank today showed that annual average prices in prime central London fell by 3.6% in October. And average rents for existing homes in high end London declined by 2.5% year-on-year.

However, the agent said there had been an uplift in both transaction levels and viewings, compared to the same month last year.

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