Regular readers know by now that when analysing the prospects for the housing market here in the Wolverhampton area we look not only at local conditions but also wider issues. Uppermost amongst these is the cost and availability of mortgages. The latest Bank of England survey of credit conditions sets the scene for the market going forward and it suggests a rather bumpy ride. Lenders report being less enthusiastic to lend for house purchases because of concerns that prices will fall further thereby eroding the value of their security. There are also even fewer potential buyers out there. Finally, those who are prepared to take the plunge are finding that having improved somewhat the availability of mortgages at a loan to value of more than 75% has contracted again so big deposits remain the order of the day. All this adds up to a dearth of so-called “aspirational” or “discretionary” movers. However, on the plus side, we may now be some way through the adjustment necessary to bring overall prices back to a level where they are affordable to the majority of first time buyers.