Bank of England May Mortgage Market Data Showing Slight Increase
By |Published On: 3rd July 2018|

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Bank of England May Mortgage Market Data Showing Slight Increase

By |Published On: 3rd July 2018|

This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.

Data from the Bank of England has revealed that the mortgage market experienced a slightly more positive month during May, in relation to home purchase and remortgages.

There has been a slight increase for both, following a fall in lending during April.

Approvals for new home loans have risen by 2.5% to 64,526. This brings the total for that month above the previous six-month average of 63,803.

Looking at remortgages, these appear to be driving the market currently. The amount of approvals has risen by 7.7% to 50,979. This brings them above the previous six-month average of 48,494.

Mark Harris, chief executive of mortgage broker for SPF Private Clients, has commented on the Bank of England’s data: “People who need to move or sell are getting on and doing it, whether that be because of death, divorce or a job move.

“The slowdown in the market is down to the lack of discretionary movers – they are more likely to sit on their hands and delay making a decision hoping for better value in the future.

“Of course, it is all relative. If you are selling and buying, any price movements will affect you both ways, but if you have sold, are renting and waiting, then the wait continues.

“Interest rates are not likely to move in the short term at least, and the mortgage market remains ultra-competitive with lenders vying for market share.”

Jeremy Leaf, north London estate agent and a former RICS residential chairman, also commented: “At a time of year when we might have expected considerably better figures, activity is slowing as prices reach the peak of affordability in many parts of the country, due to slow wage growth and tighter lending criteria.

“The outcome is fewer listings and a stand-off between what buyers want to pay and sellers are prepared to accept in already uncertain times.”

About the Author: Em Morley (she/they)

Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources. When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.

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