12 Apr Demand for Mortgages to go Through The Roof

According to the latest Bank of England update, many lenders are expecting the demand for mortgages to reach the highest ever levels on record within the next three months.

This comes partly due to the stamp duty holiday but also as households decide how to spend their savings due to the pandemic. The recent shift within many businesses to allow staff to work from home has also played an important role, with workers needing extra space.

Lenders have stated that mortgage availability has grown in the first quarter of the year and was expecting this growth to continue into the current quarter. An easing in credit criteria, an increase in high loan-to-value mortgages and the reduction in mortgage rates are all playing a part in the growth seen this year so far.

In Britain, average house prices hit a record £254,606 in March and homebuyer demand is at it’s highest since 2004 as figures released by the Royal Institution of Chartered Surveyors found in a recent survey.

Furthermore, an analysis by YouGov has found that consumer confidence in property has risen to its highest level since 2018.

If you’re considering taking the first step onto the property ladder, or it’s time for an upgrade, get in touch with the Team at Best 4U Mortgages, who will ensure you get the deal that is Best 4U!