Response to the Bank of England's Mortgage Approvals statistics for September 2015
Thu 29 Oct 2015
Peter Rollings, CEO of Marsh & Parsons, comments: "September represents the first month-on-month dip in mortgage approvals since May, but borrowing is still head and shoulders above 2014 levels, and has been steadily climbing throughout this year. Remortgaging continues to rise up the ranks too, as an inevitable interest rate in 2016 plays on the minds of homeowners and gives ever stronger impetus to fix deals as the end of the year approaches.
"The prime London property market is gaining momentum, following a hiatus in the winter of 2014, and the average property price has now reached the half-a-million mark. But we cant afford to be lulled into a false sense of security. Demand may be outweighing supply, but with borrowing likely to become more expensive next year, and buyers adjusting their budgets to suit stamp duty changes, sellers need to be realistic with their prices, if sales activity is going to continue at its current rate."