It’s not that fewer mortgages are being approved, it seems that fewer people are taking one out, potentially due to everything that’s gone on with the old Brexit vote and all the uncertainty surrounding it. It seems that while we’re quite happy to spend our way through uncertainty with personal loans and overdraft borrowing still going strong, we’re less inclined to fork out for a big purchase – like a house. However, our research showed that people remained confident in the housing market following the Brexit vote and it seems there’s a bit of confusion in the market.
So what are the predictions for house buying in the not too distant future? Well, clever clogs analysts and economists think that house prices could slow down and perhaps decline by between 3% and 5% in the latter half of 2016 and into next year. But what does this all mean for anyone saving for a mortgage?
If house prices fall, then chances are, homes could be ever so slightly more affordable which obviously means your money may stretch further (a good thing).