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Is Volume Of Mortgage Lending Suggesting Confidence In Property Market?

  16 Nov 2017

When it comes to reviewing the mortgage market and looking for positive signs which may indicate good news in the future, there are many factors to consider. However, an area that is always of interest is the number of mortgages being applied for, the number of mortgages being accepted and the amount of money being provided in mortgages.

Recent figures indicate that £8.4 billion was borrowed in August of 2017. This is a figure that is 18% higher than the July 2017 figure and it is also 20% higher than the August of 2016 figure. With respect to actual number of loans, this equates to 38,500 loans, which was 17% up on the July 2017 figures and 13% higher than the August 2016 figures.

There is also a lot of interest in the first time market and the amount of money provided in first time buyer mortgages came to £5.7 billion, which is 16% higher than the previous month’s figures and 12% higher than the figure from a year before. The number of mortgages taken out by first time buyers came to 34,400 which is 14% up on the July 2017 figures and 9% for the year on year figures.

A lot of factors include the mortgage market

With the level of borrowing for people moving home being at its highest level since March of 2016, it would be fair to say that there is a level of positivity in the market. It should also be remembered that the March 2016 period was so busy because this came just before the introduction of the additional 3% in stamp duty for additional property purchases. When you take on board the fact that property market activity is traditionally slower in August, there is a great deal to be said for the figures which were released but it is also important to not get too carried away with what they may mean for the property market.

There are concerns that the Bank of England are looking to raise interest rates and it may be that people are looking to lock in rates while they can. This is definitely a factor with respect to re-mortgage options which has been lively of late. Many property experts are recommending people who are considering remortgaging soon act now while they have a good chance of receiving an improved mortgage offer.

Landlords may not view the market with confidence

Other factors to consider relate to the lettings market and landlords. The impact of the additional stamp duty, which came into effect in April of 2017 has been notable and the number of buy to let mortgages hasn’t been as high since before that period. There is also the fact that there is set to be new regulations impacting on landlords and the buy to let market in October of 2017, and this may see more landlords decide that it is not worth their while to operate.

This will impact on one aspect of the property market but it may provide first time buyers with an improved chance of getting on to the market, so there will be some people looking for positive news in the last few months of the year in the 2017 property market.

When more people are obtaining mortgages and the amount of money being lent is on the up, it is natural to be optimistic. However, there are too many variables, and too many potentially concerning issues to deal with in the upcoming months to say with confidence that there is growing confidence in the property market. As it stands though, things are moving along nicely for many people, and this is always something to be celebrated.


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