The UK housing market is sitting in a familiar place at this time.  Uncertainty is the prevailing tone of the market as new lending rules and a possible rate change are making those looking to possibly purchase a property play a waiting game to see what the near future holds.  After a blistering start to the year, the market is now sitting idle after July saw a pullback of activity of sorts with mortgage approvals slowing.  The market was quite active and had reached levels not seen since the economic crisis took place in 2007.

Ian Wilson with Martin & Co. commented on the current status of mortgage approvals, saying: "One of the reasons for the fall in mortgage approvals is the new, protracted process with some of the banks now conducting three hour interviews to apply for a home loan.”

Lending is currently on a downward trend as many are waiting to see the outcome of the next MPC meeting within the Bank of England.  Overall though, house prices are maintaining their value with many areas within the UK becoming too expensive for those looking to purchase something on a solo income.

Henry Pryor, high end estate agent, commented on the current status of high priced mortgages: "High house prices require big mortgages so whilst the amount being lent remains eye-watering, the number of mortgages being offered is falling. Some of this decline can be blamed on MMR the 'hammer to crack a nut' reaction from the powers that be to what they felt were failings in the mortgage market but part of this is simply house buyers calling time on ever-increasing asking prices."