Friday, February 15, 2008
NAEA kite flying
Are first time buyers returning in droves as the NAEA would have us believe? Is the UK housing market gaining momentum? The problem with claims such as the NAEA make is that they must be backed up with fact...Given the falling mortgage approval numbers over the past four months how can this support their claim of a re-vitalised housing market? Moreover, if as they claim prices are holding up why would first time buyers suddenly rush in given they found the housing market at its most unaffordable in the last six months of 2007? If up to 75% of 'riskier' mortgage product has been stripped from the mortgage market where would the 'mortgage tools' to climb onto the first-rung come from?