The Council of Mortgage Lenders has suggested procuring a mortgage could be a difficult proposition for some time – news that may interest those deciding whether to move or improve.
Meanwhile, those considering adding a conservatory or glazed kitchen extension may find they can grab a bargain, after recent figures showed a fall in the number of homeowners planning a structural change.
According to Sainsburys Finance statistics, the number of Brits intending to have major work carried out to their property over the next 12 months has fallen by 39 per cent since last year.
However, 13 per cent of homeowners still intend to do something to their house, with a loft conversion the most popular choice.
An extension to the side of the residence was the next most favoured choice, closely followed by a garage conversion.
The figures show 31 per cent of those intending to carry out such work on their home plan to spend less than £5,000, while the same proportion will splash out between £5,001 and £20,000.