The continuing impact of the credit crunch has seen lenders continue to tighten up on criteria, reducing the availability of mortgages to all but those with significant equity and immaculate credit ratings. Sunday Times economics editor David Smith told delegates at the recent Housing Futures conference that “lenders are looking for reasons not to lend. We do not expect to see a housing market collapse but the slowdown may become more severe.”<br><br>The last quarterly survey of Home Builders Federation members, questioning their views on market constraints during the last quarter of 2007, showed that 68% reported buyer confidence a constraint, and 36% reported mortgage rates a constraint. Forthcoming results for the first quarter of 2008 – due out later this month – are expected to reflect worsening levels of mortgage availability, with very few lenders now offering low-deposit deals. HBF economic affairs director John Stewart said: “We have seen the end of the era of cheap credit, for a long time.” Savills research director Lucian Cook told Housebuilder the situation was squashing transaction levels. <br><br>“We expect the biggest effect of the credit crunch to be upon the number of transactions in the market. These will be much reduced this year, …