Mortgages - UK - March 2010
The property market is increasingly polarised between the ‘haves’ and the ‘have-nots’. The proportion of mortgage holders has been steadily falling, as would-be first-time buyers find themselves shut out of the market, and older homeowners clear their mortgages.
- There’s cautious optimism when it comes to house prices. Consumers are more positive about the market than at any point since 2007.
- Despite the turmoil of recent years, there’s an overwhelming belief that property remains a good long-term investment. Even the most dramatic financial crisis in living memory can’t dent the UK consumer’s faith in bricks and mortar.
- 2010 is likely to be another slow year for the mortgage industry. Just 11% of those with a mortgage are thinking of remortgaging. The constant quest for a new discounted deal that characterised the mortgage market in the run-up to the credit crunch is a thing of the past.
- Reality has hit home for younger borrowers. A fifth of mortgage-holders aged under-35 don’t think that they’d be able to get a new mortgage in the current climate.
- A third of people would only consider getting a mortgage after getting professional advice, but the internet is playing a growing role in the search process. Three in ten would search online for information, and a quarter would even be prepared to apply online if it meant they got a better deal.
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