Comment on the Bank of England's figures, April 2015
Mon 01 Jun 2015
Peter Rollings, CEO of Marsh & Parsons, comments: The mortgage market has pulled through the winter stupor, and jumped into action with an impressive upwards leap in April. Lending is starting to stretch out its limbs, as banks and borrowers alike are finally starting to fully understand last years MMR changes and navigate them effectively.
In addition, the election affect can be overstated. Households who had been steadily saving for a deposit and lining up to buy werent going to suddenly park their aspirations while politicians debated theirs. Despite the question marks hanging over the property market at the time, the biggest unknowns were for the million-pound levels of the market, and for many buyers, low mortgage rates and reduced stamp duty made it worth their while to keep moving.
Now that the new government has nailed its colours to the mast and made commitments to bolster housebuilding, demand will be further galvanized at all rungs of the ladder and weve already seen a significant upswing in buyer registrations in May. Lending is now streaks ahead of a year ago, and with buyer confidence also leading the pack, the only way looks to be up.