Hung parliament could affect house buyers
A potential hung parliament could bring problems for house buyers, according to a UK mortgage broker.
Kent-based firm John Charcol said that those considering a mortgage must take into account "the political risk" as mortgage rates and Bank of England interest rates are reflecting the electoral uncertainty at present.
In addition, the risk to Britain's credit rating is said to be increased in the event that no political party forms an overall majority in the next parliament.
The broker also urged caution over recent mortgages which had led some commentators to suggest a recovery in the housing market.
In recent weeks, building societies Halifax and Nationwide have hinted at improving conditions, something John Charcol is more sceptical about.
However, David Rolleston of Mortgage Advice Brokerage told the Scotsman that individuals need to make their own decision without waiting for the political outcome.
News of continued problems for potential house buyers coming after the general election may encourage people to look for property to rent in the London borough of Hertsmere, or elsewhere in the UK, instead.
By Martyn Glynn
Published 13th April, 2010
© 2010 Estates IT Limited
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House buyers may be encouraged to look or property to rent in the London borough of Hertsmere, or elsewhere in the UK, after a leading mortgage broker warned of the potential impact of a hung parliament at the forthcoming general election.