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

You May Also Enjoy

Estate Agent Talk

Larry Ellison’s estate is the third largest oceanfront parcel in Palm Beach County

America’s #1 buyer of expensive homes, Larry Ellison, is selling a mansion from his Florida collection, and it’s a big one. Larry’s Seminole Beach estate, in an exclusive part of North Palm Beach with over 520 feet of ocean frontage is listed at $145 million. The Tuscan-style mansion was built in 1998 on 8.5 acres…
Read More
Breaking News

BREAKING PROPERTY NEWS – 18/08/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.   US Proptech News: PropTech Unicorn PLACE expands in 19 states with 37 new teams PLACE, the industry’s only brokerage-agnostic technology and business services platform for top real estate professionals, today reported strong mid-year growth, launching 37 teams and expanding the PLACE footprint to 35…
Read More
Home and Living

Should you buy a house with Japanese knotweed?

According to recent news, the hot weather has been a positive boon for one common and highly invasive plant in the UK, namely the Japanese knotweed. The Express has reported over the last few weeks that this perennial is taking over a park in Worcester and locals are worried it’s likely to have a big…
Read More
Breaking News

BREAKING PROPERTY NEWS – 17/08/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.   NAPB: Planning Applications Fall in England, Latest Official Figures Show PRESS RELEASE: The number of planning applications received by councils in England fell almost 12% in the first quarter of this year compared with the same period in the previous year, new figures show. Data…
Read More
Estate Agent Talk

How to Build an Impressive Real Estate Portfolio

Even if the concept of building your own investments resume sounds pretty foreign at first, it doesn’t matter if you’ve been in the business for years now or you’re only just starting out. Portfolios aren’t only for the big players, and, with the right knowledge and careful planning, virtually any investor can handle the challenge…
Read More
Estate Agent Talk

The Surprising Benefits Of Solar Powered Roller Garage Door

Technology is constantly changing and moving forward, and one of the most recent innovations in garage door technology has been the use of solar powered roller garage doors. Instead of being connected to the electricity grid, a solar powered roller garage door collects energy from solar panels and uses the energy from the sun to…
Read More