Mortgage market in UK improving but property deposits too high for many | Europe | News
There are tentative signs that credit availability in the UK property market is improving as mortgage rates decrease and more products with a higher loan to value ratio come to the market, new research reveals.
The gap between London Interbank Offered Rate (LIBOR) and base rates narrowed to 0.37, only slightly above the long term average of 0.2, indicating that the banks’ confidence in one another has improved, says CB Richard Ellis (CBRE) and this is essential to engender a fully functioning mortgage market.
‘Without a fully functioning mortgage market, the recovery will be uneven and unsustainable. Although there are signs that the mortgage market is starting to defrost, we are far from a full thaw,’ said Jennet Siebrits, head of Residential Research, CB Richard Ellis.
‘Mortgage rates are falling and the number of products on offer is increasing, but lending still remains muted and relatively expensive. New products are focused at the top end of the market and until deposit requirements relax, mortgages will remain the preserve of homebuyers with significant equity,’ she explained.
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