Christine Whitehead, professor of housing economics at the London School of Economics said of the UK housing market:
“The number of [house sale] transactions is still very low because of lack of mortgage funding”
Whitehead pinpointed the 2007 economic crisis and the lack of house building long-term as the reasons for the housing crisis.
She said: “The 2007 crisis has knocked the system really, really badly; the closure of mortgage and investment funding markets meant that London output fell faster than anywhere else.”
via Housing won’t normalise until 2020 – Industry in depth – Mortgage Introducer UK.
If that’s the case in London, then unfortunately it’s likely to be much worse here in South Wales. We’re meeting people who think that they’ve sold their house to a genuine buyer, only to have the sale collapse due to their buyer not having a sufficient cash deposit or being able to get a mortgage. Or both.
As a fast cash buyer, we’re being sought to help get these house sales back on track.