A quick sale nightmare - mortgage approvals drop 40%

Property owners looking for a quick sale should brace themselves for more bad news. The latest property market figures released show that mortgage approvals fell again in February. This means that prospective homeowners will continue facing tighter restrictions when applying for a home loan.

While this is distressing for first-time homebuyers looking to enter the property market, and property owners looking to buy more property, things are looking even worse for current homeowners looking for a quick sale due to financial difficulties, mortgage payment arrears and even looming repossession.

Mortgage approvals steadily dropping

With the increased cost of living, and fixed mortgage terms coming to an end for thousands of homeowners, many are bargaining on the hope that someone else will buy their house and take the mortgage worries off their shoulders. However, the latest statistics from Connells Survey & Valuation bursts this quick sale bubble.

According to the latest figures, the number of mortgage approvals dropped from 74,000 in January to just 71,400 in February. This is the weakest February approval rate since 1993.

Connells further reports that approvals have declined 40.5% over the past 12 months. This has pushed the UK property market into further disarray, as many home sellers battle to achieve a much-needed quick house sale.

A quick sale despite low mortgage approvals

MPG Investments guarantees a quick sale, regardless of the mortgage approval rate. Contact us to find out how we will buy your house in 7 days – guaranteed. No fees, no commission and no mortgage approval needed.

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