Latest data from the Council of Mortgage Lenders indicates that since the month of February, mortgage lending by banks and building societies saw its highest levels since the Recession, with mortgage lending making £17.6 billion. That’s up to 30% from last year’s £13.6 billion.
With no impending variations to interest rates, most homebuyers are ultimately confident over the last few months. The wage increases and reduction in unemployment rate have also assisted in providing a significant boost to the market; with improved numbers of people that are now financially capable to buy their own property and being assured enough to take that big step forward.
Without a doubt, the Council of Mortgage Lenders data presented that the amount of loans to first time homebuyers had improved by over 9 percent to 11,429 in the month of February, from only being 10,479 the previous year.
Last January, data showed even greater amounts of lending activity, with mortgage lending that would total for up to £18.5 billion; that’s 5% more than in February.
The surge in the volume of lending that took place from the end of year 2015 up to February 2016 is also reinforced by the economical mortgage deals. The newest figures from the Mortgage Advice Bureau showed the amount of mortgage products that ascended to 17,132 in January 2016; that is an eight-year high.
Home buyers are making the most of enhanced economic status and higher salaries. This has meant an upsurge in the number of people that are willing to acquire a mortgage.