House price falls 'reflect decrease in mortgage approvals'
Published: 30-Apr-2008
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April's UK house price falls, announced by Nationwide today (Wednesday, April 30th), reflect the tougher lending conditions for mortgage borrowers.
That is according to Katie Tucker from mortgage broker John Charcol, who noted that it is growing increasingly difficult for first-time buyers to get onto the property ladder.
Nationwide's latest figures revealed that house prices decreased by 1.1 per cent in April, meaning that the price of a typical UK property now stands at £178,555.
Ms Tucker commented: "The fall in property values is a direct result of the lack of affordable mortgage funding: mortgage approvals of all types are now a quarter less than last year.
"New house purchase mortgage approvals specifically are down a daunting 44 per cent year on year, and these lost movers are the first-time buyers with small deposits, the borrowers with previous credit problems, and the buy-to-let landlords with minimal rental income."
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