The number of people seeking mortgages could be set to increase as a result of an escalation in the asking prices of many properties.
New research from Rightmove has shown such costs have leapt by 0.7 per cent in September – which could lead to a spike in the value of mortgages requests in the near future.
The study also found the average time on the market for a house or flat in the UK is currently 94 days, while the number of new sellers remains at 23,000 per week.
A lack of confidence and inability to move have been cited as reasons for this trend, with the organisation claiming market recovery appears “as far away as ever” in the aftermath of the global economic downturn.
The findings come after the Financial Services Authority recently revealed the total value of outstanding mortgages in the UK is on the rise at present.
