Mortgages are still hard to get according to Moneyfacts. 58% of the deals available require a deposit of at least 25% of the value of the home being purchased. And the proportion requiring only a 10% deposit still stands at just 8% of all the mortgages currently on offer.
As long as mortgages are hard to get then demand will be low and downward pressure on house prices will result.
The banks are reporting big profits so they may hopefully ease their lending criteria soon.
I notice that Sundays reports about the prediction for house prices to rise at least until 2014 did not get reported on the BBC website. However the press release is now available on the CEBR website and it is very encouraging.
I feel moderately optimistic now after feeling quite down throughout most of July.
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