From This is Money:
Its downbeat assessment of the market comes against the backdrop of a series of rate hikes by banks and building societies.
This has seen average fixed rates jumping and offers remaining on the market for just two weeks in June, according to a report compiled for the Treasury.
While the Royal Institution of Chartered Surveyors’ monthly report forecast rising prices and Rightmove’s monthly survey suggested a steady recovery, mortgage lenders, who hold the keys to the property market, said potential buyers are struggling to secure mortgages and that this situation will continue.
The CML report follows a recent Bank of England report showing an £8.1bn injection of equity into homes: taken as a sign that homeowners are using low rates to overpay mortgages….