TWO THIRDS OF ESTATE AGENTS REPORT DECREASE IN BUYERS FOLLOWING MORTGAGE MARKET REVIEW.
Mark Hayward, managing director, National Association of Estate Agents commented: “This Sunday sees the anniversary of the mortgage market review (MMR) coming into play and we can now really see the substantial effects it has had on the property market. The new rules, which introduced stricter guidelines for lenders, has led to two thirds (65%*) of NAEA estate agents reporting a decrease in the number of buyers.
“A drop in the number of buyers is the direct result of a slow-down in acceptance of mortgages, with it now taking an average of 50 days to receive a mortgage offer. This increases the risk that sales won’t go through and puts unnecessary pressure on any chain transactions.”
*Figure from the NAEA’s March 2015 Market Report