28
Mar
Lack of products 'hurting the market'
The housing market is stagnating as the number of products
available on the market decreases, Moneysupermarket.com has
said.
In response to figures released by the Council of Mortgage Lenders
and Moneyfacts.co.uk, head of mortgage services at the organisation
Louise Cuming stated that there is a lack of "confidence" among
buyers.
While people may have though about moving up the housing ladder,
she remarked, now they are staying where they are and this is
causing the market to "seize".
First-time buyers will therefore find it harder to purchase
mortgages and get on the ladder themselves, Ms Cuming
observed.
She commented: "First-time buyers are the lifeblood of the industry
because those are the ones that keep the cycle going. Without
first-time buyers, the whole market doesn't move."
The research from Moneyfacts.co.uk revealed that only 27 per cent
of mortgage deals available are from the ten biggest service
providers.