Brits applying for mortgages may notice that sellers are trying different tactics when it comes to finding a buyer for their property.
According to the Little House Company, some homeowners are being more inventive in how they sell their house.
Director Nick Marr explained that many are now exploring new avenues, such as rent-to-buy, while those moving into new builds have been willing to take advantage of developers’ part-exchange schemes.
Data from the Council of Mortgage Lenders shows that the number of mortgages approved in June was up 22 per cent in comparison to May, but 11 per cent down year-on-year.
“Sellers are dropping in number as they see how long it takes to sell and also the fact that they need to reduce prices is making the next move impossible,” Mr Marr noted.
“The general uncertainty in the financial markets both here and globally is undoubtedly playing its part in the reduction of activity.”