Mortgage access better but consumer confidence still in the doldrums Go compare with our comparison table

Mortgage access better but consumer confidence still in the doldrums

16 September 2010 / by Rachael Stiles

Despite access to mortgages gradually improving, consumer confidence in the housing market has fallen, according to the latest figures from the Building Society Association.

Replying to the BSA Property Tracker Survey, the number of people who do not think that now is the right time to buy a property has increased from 21 per cent in June to 26 per cent in September.

Mortgage affordability is being helped by a record low base rate, and more lenders are tentatively welcoming first time buyers back to the market with higher loan to values, but many remain too cautious, or are unable to purchase.

Behind consumers' lack of confidence in the housing market is job security and deposits, with 56 per cent of respondents saying that concern about unemployment is keeping them from buying a house, and 56 per cent also said that they were unable to gather a big enough deposit.

Commenting on the results, Paul Broadhead, head of mortgage policy at the BSA, said: "It is clear that concerns about future falls in property prices are having a significant impact on consumer confidence."

The survey also showed that consumers' attitude to mortgage accessibility has increased, rising from 57 per cent in March to 50 per cent in September, but Mr Broadhead said that concerns about job security will remain a barrier to house purchase "until there is greater confidence in the strength of the economy."

© Fair Investment Company Ltd
 

Mortgage Deal Selection - Call Lender Direct
Initial RateProviderTermTypeAPR*LTV 
1.79%
2 YearsTracker
(Purchase)
3.80%60%More Info >

Call 0800 1582934 to speak to a NatWest mortgage specialist. Product fee of £995.**
1.79%
2 YearsTracker
(Purchase)
3.80%60%More Info >

Call 0800 068 7624
to speak to an RBS mortgage specialist. Product fee of £995.**
1.79%
2 YearsTracker
(Remortgage)
3.80%60%More Info >

Call 0800 1582934 to speak to a NatWest mortgage specialist. Product fee of £995.**
1.85%
2 YearsFixed Rate
(Purchase)
3.90%60%More Info >

Call 0800 158 2934

to speak to a Natwest Mortgage Specialist. Product fee of £995.**
1.85%
2 YearsFixed Rate
(Remortgage)
3.80%60%More Info >

Call 0800 158 2934

to speak to a Natwest Mortgage Specialist. Product fee of £995.**
1.85%
2 YearsFixed Rate
(Purchase)
3.90%60%More Info >

Call 0800 096 7447

to speak to an RBS mortgage specialist. Product fee of £995.**
2.75%
2 YearsFixed Rate
(Remortgage)
3.90%80%More Info >

Call 0800 158 2934

to speak to a Natwest Mortgage Specialist. Product fee of £995.**
2.75%
2 YearsFixed Rate
(Purchase)
4.00%80%More Info >

Call 0800 158 2934

to speak to a Natwest Mortgage Specialist. Product fee of £995.**
4.29%
2 YearsFixed Rate4.30%90%More Info >

Call 0800 096 7447

to speak to an RBS mortgage specialist. Product fee of £995.**
*APR = Overall Cost for Comparison 

** Early repayment charges apply. A withdrawal fee of £150 will be payable once a full mortgage offer has been issued if the customer fails to complete. As a result of the introduction of the withdrawal fee, the product fee (where applicable) will be refunded to the customer up to the point of completion.

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