The whole process of buying a house came to a standstill as a result of the cold snap which swept the country last month, it has been said.
Nonetheless, the real impact of the weather will only be seen once the mortgage approval and house sale figures come through for January.
Catherine Hearnden, director of MyMortgageDirect, revealed: "Surveyors weren't able to get properties, people weren't able to go and view, estate agents were closed, solicitors weren't available, so yes, I would agree with that."
The number of people in search of property is likely to pick up around Easter, the expert predicted, with sales and mortgage approvals likely to improve.
One of the main problems facing the market at the moment is that people fear a double-dip recession may take place.
"The only reason that people are saying 'I'll go and get a mortgage and buy a house' is because people have told them that the recession has finished. It is all to do with what they believe," she stated.
People generally will have the same amount of money that they did a few months ago, Ms Hearnden suggested, but because of their perceptions of the economic climate, they believe they are worse off.
"If people talk about a double-dip recession for long enough, it can have an effect … In this country, people are very susceptible to what they hear," the expert stressed.
According to a report by the Centre for Economic and Business Research, average UK house prices will grow by over six per cent over the course of this year.
It predicts they will be around 20 per cent higher than today's levels by the end of 2013 and that mortgage approvals will reach around 72,000 per month by the end of 2010. |
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