Home buyers must ensure they have a mortgage agreed before looking at properties or risk missing out
14 February Nottingham, UK – Experian®, the global information services company, has revealed that after two years of year-on-year increases in the number of properties being listed ‘for sale’ each quarter, the final few months of the year saw the number of homes for sale fall for the first time.
The latest Quarterly Property Index from Experian has revealed that there were 13 per cent fewer homes on the market to buy in October, November and December compared to the same quarter in the previous year.
Jonathan Westley, Managing Director of Consumer Information Services at Experian UK & Ireland, comments: “The final few months of the year are generally slower than any other time of the year, but we are also comparing it to a period in 2012 that saw an unusually high number of properties coming onto the market for sale.
“If the fall in homes for sale continues and the government’s ‘help to buy’ scheme kicks in, then those people hoping to get onto the property ladder will need to be ready to put an offer down as soon as they find the house they love. That means having a mortgage in principle already agreed or they could miss out.
“We know that lenders are taking steps to fully understanding a person’s financial position in order to make fair and responsible decisions about lending to them. We can help potential home buyers prepare for this, presenting themselves in the best possible light to lenders to be eligible for a mortgage.”
Before applying for a mortgage, here are a few things potential home buyers should consider.
For lenders interested in finding out how information about property type, value and ownership can help them understand and treat their customers more fairly, please visit www.experian.co.uk/property-data
For people interested in learning more about their financial information and improving their credit ratings to help qualify for credit deals they can afford to pay back, please visit www.creditexpert.co.uk
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Credit Services, UK and EMEA