Strong start to the year for the mortgage market

According to Connells there has been a very strong start to the mortgage market, the strongest since 2008 in fact. The number of residential valuations has increased within the first quarter and was at 10% higher than the quarter previous. This as a 34% rise when it is compared to the same period last year.

This would have been partly due to people trying to complete their mortgages before the stamp duty holiday. There has been an increase in first time buyers entering the mortgage market which has helped home owners who are trying to sell their properties and has spurred the market on a bit.

Hopefully the end of the stamp duty holiday does not affect demand too much and the new government New Buy scheme keeps mortgage demand at these types of levels.

We have seen an increase in customers now fixing into rates as we have seen a lot of lenders increasing their standar variable rate.

Again the but to let market has been strong with increased rents been attractive to landlords and the uncertainty of the stock market.

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