Mortgage squeeze forces families to downsize



Middle class homebuyers are downsizing their properties because of the mortgage drought, the National Association of Estate Agents (NAEA) has said. Housebuyers who would normally have looked for a four-bedroom property are being forced to seek out three-bedroom properties because they are unable to raise large enough mortgages. The NAEA said that smaller houses are seeing their value increase slightly, due in part to an increase in demand, while larger properties saw their value fall.