‘Get lending on the move’
For those lucky first-time buyers who can raise the cash there are some great little properties out there as Helen Geraghty reports.
ent’s estate agents have called for banks and building societies to step up loans to buyers as new figures show the number of mortgages approved has dropped again. Bank of England figures for October show that just 32,000 mortgages were approved, 1,000 fewer than in the previous month. The figure now reflects a drop of 74 per cent in the number of mortgage approvals since this time last year. Neil Boswell, treasurer for the Kent branch of National Association of Estate Agents and Canterbury-based director of Caxtons estate agency, said: “A factor holding the market back is this supply of funding. The problem is the banks won’t lend. “For example there are very few first-time buyers in the market. That is a shame as there are some good prices around, such as two-bedroom mid-terraces in Canterbury for around £150,000. This time last year they would have been snapped up. “It is quite difficult out there but we are still selling. I am still selling to buy-tolet investors and to parents investing in properties for their sons and daughters at university.