FTA: Have you come across any big price reductions in your area?
MO'B: No, simply the froth being blown off the top.
FTA: What's your experience with lenders' service levels in the current economic environment?
MO'B: As volumes have dropped service levels are starting to improve, especially from buy-to-let lenders.
It feels residential lenders are now also able to process applications in a reasonable time, which should put to bed the excuse of lenders being reluctant to reduce rates down to the effect on service levels. We will see.
FTA: What's your assessment of Jeremy Hunt's Autumn Statement for the mortgage/property market?
MO'B: As expected, we all pay more tax over the coming years.
Affordability will be squeezed but I will remain with my view that a home is an emotional purchase and the housing market will continue to operate once buyers start to make offers based on current mortgage rates.
FTA: Did any measures stand out in particular?
MO'B: Sorry, nothing really was a surprise, only that everyone that bought an electric car for the tax benefit now will be getting a bill.
carmen.reichman@ft.com
