MORTGAGE NEWS! BUYERS DEMAND ...
HOUSING MARKET FINANCIAL NEWS
MORTGAGE LENDING SOARS AS BUYERS DEMAND GOES ON
In today’s article, we are analysing the housing market from its financial perspective, highlighting some very interesting outtakes regarding mortgage deals setting a record high as a result of the extended stamp duty holiday, which has encouraged more and more homebuyers to start house hunting!
According to Bank of England, mortgage lending has shown the biggest net increase on record! In March 2021 alone, mortgage borrowing rose by a net £11.8 billion pounds, the strongest point since Bank of England records began in April 1993. To put it in numbers, lenders approved 82,735 mortgages in March 2021 – which is 45 per cent higher compared to the figures in March 2020.
Financial data shows £150 billion of property transactions were completed in the first 15 weeks of 2021. Running 10 weeks ahead of a typical year, this level wouldn’t normally be achieved until the end of June! At the same time, one in every 50 homes was sold between January 1 and April 15, up from one in every 100 during the same period last year.
THE NUMBER OF MORTGAGE DEALS INCREASES SIGNIFICANTLY BETWEEN APRIL AND MAY
What’s more, figures show that April outperformed March, signalling further high activity to come for lenders. The number of mortgage deals available to consumers increased by 85% between April and May, according to new data from Moneyfacts UK.
According to our property experts, mortgage approvals are always a good indicator for a positive future direction of the housing market as these numbers reinforce what we have been seeing on the ground – buyers are determined to move!
Therefore, we highly recommend to all buyers to not hesitate any further and start their journey to get on the property ladder by contacting us TODAY!
Our professional team is always ready to help you research your dream property & neighbourhood, clarify available government Help to Buy schemes and provide you with professional advice & guidance every step of the way until you receive the keys for your new home! Alternatively, if you’re an owner thinking of selling your home, now is a golden opportunity for you due to the high demand of homebuyers!
We provide a Full Package of Service & Advice for both owners & buyers and we are here for all your property needs! Get in touch today!