UK housing market 'facing stagnation'

Posted: 09 Feb 2012 16:58:41 GMT


            Property News - UK housing market 'facing stagnation'

A low number of transactions is expected for the housing market this year.

The housing market in the UK is facing continued stagnation, with transaction levels likely to remain low throughout 2012.

Matt Griffith, spokesman for PricedOut, noted the availability of mortgages is likely to "skew buyers to those who already have significant equity".

The industry figure observed the overall picture is not looking too promising for first-time buyers - who are being forced to take a back seat at present.

Mr Griffith stated: "The basic fact is that we will continue to have a very dysfunctional housing market this year."

The housing sector is likely to see the added pressure being place on renters, as well as the freezing of homeownership, resulting in the costs of adjustment being particularly felt.

His comments come after recent findings from unbiased.co.uk's Advice Drivers report showed the number of FTBs seeking advice regarding their home loan increased significantly during January, with such enquiries accounting for 41 per cent of the total searches performed via the portal.