Released on: September 14, 2007, 6:26 am

Press Release Author: Charlotte Burrows

Industry: Real Estate

Press Release Summary: Rising interest rates have led to a downturn in the number of
people taking out mortgages.

Press Release Body: The latest statistics from the Building Societies Association
(BSA) show that mortgage lending was down in June, as consumer confidence in the
housing market collapses.

It comes as interest rates sit at a six-year high, with most analysts predicting
further increases in the coming months.

BSA\'s figures show that annual mortgage approvals were down from £6,046 million in
June 2006 to £4,693 million in 2007.

The decline is being blamed on interest rate rises, while the imminent introduction
of Home information packs is also thought to be a factor.

\"The slow start to the summer has continued. Although 2007 started strongly, it
seems the impact of successive interest rate rises is now being felt and is
affecting affordability,\" commented Brian Morris, head of savings policy at the BSA.

\"With many commentators expecting another rate rise soon, lending may well cool
further over the remainder of the year and into 2008.\"

Julian King of National Homebuyers says: \"This comes as the National Association of
Estate Agents reports that consumer confidence is low, there\'s a six per cent
reduction in people looking to but a house in June.

\"However, the issue here is first-time buyers\' ability to take out a mortgage. I
have said before that traditionally, first time buyers account for 45-50 per cent of
all property transactions.

\"In 2005 this dipped to 30 per cent according to the Council for Mortgage Lenders.
When this drops even further, the market will have only half of its potential buyers
available. That\'s a disaster.\"

National Homebuyers is the leading fast property purchase firm, guaranteeing a quick
sale to UK homeowners. The company also offers a Sell and Rent Back solution,
allowing the homeowner to release equity in their home

Web Site: http://www.nationalhomebuyers.co.uk

Contact Details: Sterling House
20 Victoria Way
Burgess Hill
West Sussex
RH15 9NF
0870 979 8118
Fax: 01444 257333
info@nationalhomebuyers.co.uk