Buy To Let
Bank of England data shows mortgage market slowdown
A total of 118,370 loans for house purchase and remortgage were approved in April, down from 127,745 in January.
Remortgaging was hardest hit (down 11%) with house purchase loans slightly less badly affected (down 6%). (See table)
The drops were another indication of the slowing property market around the country since the start of 2017.
Perhaps encouragingly, gross mortgage lending was £21.3bn for April, up slightly on the previous month (£20.9bn) and the six-month average (£20.6bn).
Not unexpected
The falls were not unexpected considering the snap general election and ongoing Brexit uncertainty, said Jonathan Sealey, CEO of Hope Capital, a bridging loan company.
“It’s promising to see that gross mortgage lending in April was higher than the six-month average, suggesting that the UK’s housing market has once again remained steady.
“The months and weeks that precede such an event [the election] are typically and understandably quieter, as housing demand drops as more people adopt a more cautious approach.
“However, it is likely that activity will soon again pick up afterwards, and now that the main political parties have outlined significant housing promises in their manifestos, the elected government must follow through with their housing election pledges in order to tackle the housing crisis head on.”
There are 0 Comment(s)
Everything you wanted to know about ISAs…but were afraid to ask
The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...
Your right to a refund if travel is affected by train strikes
There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...
Could you save money with a social broadband tariff?
Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Five tips for surviving a bear market mauling
The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...
Money Tips of the Week
© AE3 Media Ltd, Floor 7, Lincoln House, 296 - 300 High Holborn, London WC1V 7JH, Company.