Consumers who are on the lookout for a new mortgage deal may experience some difficulty in finding a suitable item that is ideal for their needs in the current economic climate.
According to Martin Ellis, housing economist from Halifax, conditions in the housing market have remained largely unchanged over the last year, while little overall movement in house prices has occurred during the 12-month period.
Despite fairly stable conditions ensuing in the industry at present, subdued economic growth and high unemployment are set to constrain demand for properties across the UK for the foreseeable future.
In addition, Halifax highlighted that financial pressures brought on by the country’s ailing economy have had a negative impact on the number of individuals who may have been looking to relocate.
Mr Ellis added: “Both demand and supply pressures in the market have altered little during the course of 2012 and this has been the key reason for the lack of direction in either sales or prices at a national level.”