Stricter mortgage lending sees 1% house price fall

25 September 2008

New statistics showed another 1% monthly fall in house prices in the month of September, as mortgage lending criteria tightened further.

According to the Guardian, the report from Rightmove showed an average house price fall of 1% between August and September, and a yearly fall of 3.3%.

It was the fourth monthly fall in a row, although it was less than July-August’s drop of 2.3%. However, Rightmove said this was because sellers who had to sell their properties during the holiday season were forced to price more competitively.

A spokesperson for Think Money said: “It’s true that mortgage lending criteria are getting tighter in many cases, but mortgages are still available – as long as people approach the right mortgage provider.”

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