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Credit problems "hurting" property sector
Thu 20 Dec 2007 5pm
The credit crunch is having a negative impact on the UK housing market as mortgage providers become more cautious with their lending, an expert has stated.Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said that "some would-be buyers will struggle to get the necessary finance" as uncertainty in the credit markets continues.
According to Mr Rubinsohn, 2008 could be a difficult year for homeowners in general, with many people facing increased mortgage costs as their fixed-rate deals come to an end. However, he also suggested that this month's interest rate cut has offered the nation's householders some hope.
He commented: "It is clear that the credit crunch is hurting the housing market.
"Crucially, however, the prospect of further interest rate cuts has increased … We expect base rates to be lowered by at least another half point during the first half of 2008."
Ray Boulger of mortgage broker John Charcol also recently predicted that interest rates would be cut to five per cent by mid-2008.
