At last we can see an improvement to the amount of mortgages being offered to buyers in the final quarter of 2009 according to the Bank of England. Since the economic downfall earlier this year we have seen fewer houses purchased and the prices of them fall significantly.
Mortgage lenders were not readily handing out mortgages to people thus making it difficult for buyers, especially first time buyer to take a step up or on the housing ladder. This caused the housing markets to struggle in the current economic climate thus reducing the values of properties all over the UK. Not good for those selling their houses.
This was not brilliant for those buying homes either, as buyers needing to borrow up to 75% of their properties value are seeing the largest improvement for mortgages. The report has also mentioned that the majority of lenders are looking to have credit more easily in 2010, especially in the first quarter as the climate shows improvement.
The values of the properties are still looking as though they are going to remain lower for now but they are showing signs of increasing over time.