Mortgage lending expected to rebound after pre-election drop
Thu 28 May 2015
The mortgage market slowed in the run up to General Election, according to figures released yesterday bythe Council for Mortgage Lenders.
London house purchase lending totalled 2.4bn in the first three months of the year, a drop of 16 per centcompared with the final three months of 2014.
Housing market experts expect an immediate rebound, given the greater level of political certainty.
The usual furious flow of mortgage lending was interrupted in the first three months of this year, as it calmeddown from the heady heights of 2014, and the General Election loomed, said Peter Rollings, chief executive ofestate agents Marsh & Parsons.
But cheaper mortgage rates are now making waves in the market, and with the wealth of products now available,we can expect this to ripple out into a stronger summer of lending.
Rollings earlier this week told City A.M. that certain parts of London had seen a sharp rebound in activity in thehigher end market, with figures from getagent.co.uk confirming that property listings had shot up after theGeneral Election.