Two thirds of estate agents report decrease in buyers following the Mortgage Market Review, says the National Association of Estate Agents.
Mark Hayward, the association’s managing director, says this weekend marks the first anniversary of MMR and he claims it has had “substantial effects” on the market.
“A drop in the number of buyers is the direct result of a slow-down in acceptance of mortgages, with it now taking an average of 50 days to receive a mortgage offer. This increases the risk that sales won’t go through and puts unnecessary pressure on any chain transactions” he says.
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