According to Stephen Kerrigan of MortgagesRM – Doncaster Fee Free Mortgage Advisor, a six-month average of mortgages had dropped in October 2019 as political uncertainty from the Brexit situation
According to Stephen Kerrigan of MortgagesRM – Doncaster Fee Free Mortgage Advisor, a six-month average of mortgages had dropped in October 2019 as political uncertainty from the Brexit situation, which has continued to affect the property market. Also, the bank of England’s data, UK Lending for October fell by 1.8% month on month to 64,603 mortgage approvals. However, this figure remains almost 2,000 approvals short of the six-month average figure of 66,087.
“The Figures could be worrying at first”, says Stephen Kerrigan. Reading for lenders considering the quarter three figures, recently published by the UK Finance, suggested by the declining market and also among home movers. The 3,980 home mover mortgages completed in Wales during this time represented a fall of 5% on the figures from 2018. The 9,060 home mover mortgages in the third quarter of this year in Scotland indicated a fall of 1.8% whilst Northern Ireland’s 1,880 suggested a fall of 2.6%.
The figures highlighted the importance of first-time buyers in the market with the 11,510 first-time buyer mortgages recorded in Doncaster in the third quarter of 2019 marking a 1.3% increase on 2018’s figures.
Similarly, first time buyers in Doncaster, Sheffield and Hull all increased their completed mortgages by 6,7%, 1.6% and 4.1% respectively. Despite this stakeholder in the market continuing to increase, other buyers remain anxious in the current climate.
Stephen Kerrigan, Mortgage Advisor, said:
“For property buyers, the past few months have been one long ‘Black Friday’ as the high street lenders compete for the market share. Remortgaging activity, is especially strong with rates on some two and five-year fixes borderline obscene.
Approvals for house purchase were down slightly but October was a particularly, fraught month so that’s no surprise. Transaction levels are simmering by historical standards, but given the environment we find ourselves in they are holding up well. The Property Market is likely to remain in its current situation holding pattern until the New Year when we have more clarity on Brexit.”