The paucity of mortgage finance is surely the most dominant factor in the diminishing demand for property and housing. Any survey will indicate that mortgage approvals have hit rock bottom and its repercussions can surely be felt in the housing market. Earlier, the situation was quite different. The mortgage lenders employed several lucrative means to ‘woo’ customers.
These included hundred percent mortgages and multiple ones with high income. Obviously, these facilitated quick house sale. But, after the recent credit crunch, the banks have become wary of lending mortgage and as a result, the buyers are facing a tough time getting a suitable mortgage especially the first timers.
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