The UK property market has faced problems in a number of different sectors across the last few years, with sales dwindling thanks to the fact that the availability of finance has suffered severely in recent times. Property Free has been following the property market for years.
It is in this sector for house purchase loans however, that most of the issues have remained.
While house prices have seen some improvements in recent times, and are expected to return to pre-recession levels by 2018, one organisation said that the property-financing market is still far behind.
Despite a growing sentiment and demand for properties for sale, a report from Lloyds TSB found that the volume of remortgages approved had dropped significantly compared to just before the property sector crashed.
In January 2008, these products accounted for a full 51 per cent of the property market. However, by the end of 2012 the volume of this kind of lending had dropped from 116,600 in the aforementioned month to 28,200 in December.
This means that remortgaging is now at a level just 24 per cent of what it was only five years ago.