The latest fall in mortgage approval rates will serve as a wake up call to anyone aiming to sell their home in the UK, it has been claimed.
According to David Kuo, head of personal finance at Fool.co.uk, the UK’s housing sector is now very much a buyers’ market and that anyone hoping to sell a property needs to consider carefully the price they will settle for.
Millions of homeowners now face debt management and money problems and Fool.co.uk expects to see their troubles made worse by a 20 per cent slump in property prices over the course of this year.
"The drop is not unexpected given that lenders have been exploiting the Bank of England’s three interest rate cuts this year to beef up their own balance sheets," said Mr Kuo.
"But it is, nevertheless, a wake up call for homeowners," he added.
According to a report from Gocompare.com, money problems brought on by the credit crunch have left 3.6 million British homeowners feeling trapped in their current property.