Tuesday, August 30, 2011
Commenting on the Halifax affordability report, Nigel Stockton, Financial Services Director at Countrywide, the UK's largest mortgage broker and property services Group said;
"This report corroborates our own findings that whilst lenders are becoming much more competitive with the mortgage products on offer, it is the level of mortgage deposit that consumers are expected to find and loan to values which now remain the critical issue not affordability. This is particularly the case in the New Build arena where 20% deposits are usually required on Apartments. This is definitely holding back the housing market and we expect current lending levels to be lower than in 2010 and there are no signs that this will change in the short term with the CML reaffirming their lending forecast of £140bn for 2011. This looks optimistic to Countrywide".
NOTES TO EDITOR:
Countrywide is the UK's largest and most successful estate agency and property services Group, operating more than 1,300 associated branches across England, Scotland and Wales.
Countrywide's network of expertise helps more people move than any other business in the UK and is a leading provider of estate agency, lettings, mortgage services, land and new homes, franchising, auctions, surveying, conveyancing and corporate property management services.
Countrywide's award-winning service has earned the business 91 high-profile industry awards in the last three years, with customers voting Countrywide Best Large Estate Agency Chain and Best Large Lettings Chain at the 2011 Estate Agency and Letting Agent of The Year Awards (ESTAS). Other awards include Best Surveyor at the 2011 My Introducer awards, Best Use of Technology at the 2010 Mortgage Finance Gazette Awards and Best Letting Agency and Best Mortgage Broker at the 2010 Negotiator Awards.
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