Rechecking the fundamentals of the housing market

Posted under General by Michael

The mortgage lending body, CML, states that there are about 11.8 million outstanding mortgages in the UK. The number of people who are missing mortgage repayments is partly owing to the rise in household bills – an effect of the increasing price of food and fuel.

The availability of credit has also been cut. So, is there any help in the offing for homeowners?  The CML figures came on the day the UK government gave details of plans aimed at providing some help to homeowners struggling to pay back their mortgages. It stated there would be more free legal advice for those individuals at risk of repossession, apart from specialist training and orientation for debt advice agencies.

Housing Minister Caroline Flint recently mentioned: “It is important to recognise that we are dealing with a totally different situation in the market from what we experienced in the early 1990s. The fundamentals of the housing market still remain strong with high employment, long-term demand for homes from first-time buyers and low interest rates.”