Experts have predicted that the stagnant housing market will remain much as it is today for the next several years.  This can come as frustrating news to both home sellers and those wishing to climb onto the property ladder.  Homeownership, once considered a possibility for the majority, is now becoming a reality for only the minority of households. 

Remortgage and mortgage lending continues to be strict despite some easing in the lending market.  This has caused frustration among those hoping to secure a much needed lower interest rate remortgage, or those hoping to make a home purchase.  This is especially so since there are many attractive remortgage products and mortgage products being offered by lenders.

A recent study showed that of those responding over half expected they would never be able to afford a deposit for a new home purchase and achieve home ownership status.  The study showed an increasing pessimistic viewpoint by those hoping to buy.  Homeowners too are finding it hard to be enthusiastic about offers when lenders are still using strict criteria for remortgage approvals. 

Unfortunately the remortgage deals that were in abundance only a week or so ago are now starting to be pulled as news has come that there will likely be another credit crisis.  Also, the mortgage market remains weak despite house prices declining.  Lenders are starting to move away from a competitive viewpoint to offer better products to bring in borrowers to a more risk attitude.  This makes it harder for borrowers to secure remortgage and mortgage approvals.