Greycoat Real Estate: The Housing Market Is Down In The Dumps

Even though the Bank of England put a hold on interest rate hikes, lowering mortgage rates, buyers still can not afford to buy. Greycoat Real Estate reveals that the demand for houses is still low and will probably stay that way into the new year.

It also does not help that lenders were advised to limit the number of mortgages for the next few months. Also, including the rental prices. Greycoat Real Estate agency specialists inform that the lower rates do have more people looking at homes to purchase.

Greycoat further explains. Smaller family homes are in demand. However, the number of people buying a home is small. Mortgage rates need to continue to fall to make a difference in the housing market. Another hurdle for home buyers is home sellers.

Most home sellers are in the market to purchase a home. Home sellers are not in any hurry to reduce their prices. After all, Greycoat confirms, they need the money to purchase their new home.

While the problem of higher mortgages will continue to slow down those looking to purchase a new home, the rental market is seeing a boom. It may be hard to find a house to buy, but listings to rent are on the rise; rent over the next year is only projected to increase by 5 percent. Greycoat Real Estate is seeing a slight future improvement.