Appetite for mortgages lacking

The Bank of England has reported that Britons have pursued significantly fewer mortgages in the first quarter of 2015 than they did last year. The Credit Conditions survey showed that, by a balance of -40.8%, lenders experienced a fall in demand for home loans between January and March. However, respondents forecasted a rise in demand over the next three months, despite unexpected declines in the past three quarters. The research also found that while mortgages had become less available to borrowers with deposits over 25%, those worth more than 90% of a property value had become more available for the first time in nine months – as banks became increasingly willing to sign over risky loans. “Weak supply of, and demand for, mortgage credit is acting as a brake on housing activity. Mortgage supply remains under pressure and, in the last three quarters, consumer demand for mortgages has fallen at the fastest rate since the crash in 2008,” remarked Ian Stewart, chief economist at Deloitte