UK Mortgages At 12 Year Low

First time home owners are finding it increasingly difficult to get on to the property ladder due to a 12 year low on the number of mortgages being approved. This combined with the UK housing market slowing down has resulted in purchasing a house for the first time being a bigger challenge than ever.

However, it isn't only first time buyers who are struggling to cope with the current situation regarding the housing market. Those who are looking to move into bigger properties are being hit hard as well because they need bigger mortgages in order to do this but are unable to get one. The current number of mortgage approvals at the moment is the weakest since the middle of 1995 so it is not surprising that people are starting to panic and look for alternative options.

Those who already have mortgages on their home but were hoping to move to a bigger property are starting to think of other ways of creating more space. An extension has become one of the most popular solutions because not only does it solve the problem of lack of space but it also adds value to the home.

Loft conversions have become especially popular because it means that people can add the much needed space to their homes without losing any space in the garden or any other areas around the home. Very few people actually use their loft for anything other than storing things that they probably even forgot that they have so it seems the most logical place to add an extra room.

Although it may initially seem like loft conversions are expensive, the benefits are endless and it is much cheaper than many of the other options. It is a bad time to buy property because mortgages are becoming increasingly difficult to get and it's a bad time to sell property because house prices are starting to drop. Those who already have mortgages on their homes are realising that loft conversions can be much more beneficial to them nowadays. This is because not only do they get the extra space they need, they can hold out until the market picks up again and add value to the property when they eventually do sell up.

With the US economy hitting more and more problems at the moment as well, the future of the UK housing market looks set to be very unpredictable. Even people who can get mortgages are realising that this isn't a time to take risks so are settling for the safer option of loft conversions in order to improve their homes.

By: Derek Both