Difficulties when attempting to access mortgage finance will continue to prove a major obstacle for first-time buyers eager to get their foot on the first rung of the property ladder in 2012.
This is according to Peter Bolton King, chief executive of the National Association of Estate Agents – founded in 1962 by the entrepreneur Raymond Andrews with the promise of helping both estate agents and consumers alike – who believes struggles to gain this backing from major providers is likely to be the biggest barrier for would-be home purchasers in the coming 12 months.
Mr Bolton King stated: “Next year will see a continued lending barrier facing those entering the housing market for the first time, with major lenders sticking to tight mortgage policies.”
Despite this, the industry figure said he anticipates a gradual recovery for the overall UK property market in 2012.
He explained the sector will continue its path along the bottom, with no great upturn in store for the foreseeable future and no significant dip in house prices as predicted by others in the industry.
