News from Reuters reports that UK mortgage approvals are currently at the lowest they've been for 2 years (http://uk.reuters.com/article/uk-britain-lending-idUKKCN11Z0TC), why is this?
Granted, house prices are expensive, and there is a lot of debt around but debt hasn't traditionally been a big 'make or break' reason for people not to apply for mortgages.
People's apparent willingness to accept debt has been noteworthy of late. The British people seem to embrace debt with open arms - at least during boom times. The last boom years of 2003 - 2008 saw lots of 'free money' being given away - this 'feel good' attitude persuaded many of us to take on debt, and this study regarding the amount of uk household debt makes interesting reading.
People in the UK seem to still want to buy houses - in Europe this is very different with many more people willing to rent property. This is not necessarily a good idea on the part of Europe in my opinion, as what as house gives you (once you eventually own it) is an asset that you can use in later life. Renting a property gives you no such advantage.
With money being tight at the moment it's imperative to find a mortgage that works for you as cheaply as possible. Don't go to banks, don't go to building societies, they will only sell you their own products, use an independent mortgage broker who will find you the best deal. Doing this one thing will save you thousands of pounds over the lifetime of your mortgage.