U.K. Chancellor of the Exchequer Alistair Darling said on Wednesday that the recent rate cuts from the Bank of England will help U.K. mortgage payers, but continued problems in global credit markets will cause lending conditions to tighten further
Mortgages are still available, however banks and building societies are starting to impose stricter lending conditions
This is something that is putting pressure on the U.K.'s property market, which has been slowing down over recent months. With stricter lending conditions and less mortgage offers available for first time buyers who accounted for 45-50% of all property transactions it is bad news for homeowners looking for a quick house sale as it means that fewer buyers are able to enter the market.
