UK Mortgage Market Slowing – Sellers Advised to Invest in Property Marketing
It’s the news that property marketing professionals and home sellers dread – the mortgage market is slowing again.
According to the Housing Market Activity Report by Connells Survey and Valuation the year on year growth of the sector in June was just 2% – the slowest rate reported since this time in 2010.
And there was further concern about where the market was headed as first time buyer numbers were also shown to be down on last year after the effect of the stamp duty holiday were removed from the equation.
Mortgage Market “Tightening”
John Bagshaw of Connells Survey and Valuation explained: “Despite making a short term improvement after the post stamp duty lull, there are signs that the mortgage market is tightening. The eurozone crisis has dampened banks’ ability to lend, while the double dip recession is taking its toll on buyer finances.”
The news means that sellers will have to be even more discerning with their home sale preparation and property marketing efforts if they are to woo the decreasing pool of buyers into making a purchase.
Promotion Helps Gives Homes an Edge
Photoplan managing director Ben Gutierrez commented: “In tough times people might consider skimping on the property marketing budget, but it is at times like this that a great promotional package can really give your property the edge on the competition.
“Great property photography, glossy brochures and carefully staged spaces may be just what is needed to help your home nose ahead of others in the area.”