Tuesday, October 21, 2008
the end of the long period of growth in owner occupation
A housing expert has told Sky News that part of the property market has crashed and many people will no longer qualify for mortgages. Fewer sales show that parts of the property market have crashed, said Miles Shipside, commerical director of Rightmove. He said house prices will hit rock bottom in 2010, causing problems for those who need to borrow money. "I think we're going to see a paradigm shift in the housing market. I think a lot of people looking at housing in the future will not qualify for a mortgage. "First time buyers perhaps are going to find that lenders are going to be a lot stricter."