06 August 2012
Paul Hunt, managing director of Phoebus Software said:"Despite the darkening economic outlook, in the medium term, house prices have remained stable month on month – the drop in prices last month followed two consecutive rises. Levels of supply and demand have remained somewhat stagnant due to the scarcity of bank finance and pruning of government spending. The housing industry is suffering as the double dip recession starts to bite, but mortgage lenders’ progressive attitude to moving the market forward is providing a ray of light. In the face of trouble, their willingness to lend through the provision of innovative products is helping first time buyers overcome the larger fiscal hurdles the government has put in their way.”