“Despite one of the best summers we’ve had for over forty years activity in the UK housing market continues to tick over nicely”
Mortgage Advice Bureau has recorded a resilient housing market this summer as ‘sunshine sells houses’ according to its latest national mortgage index.
Data shows that the majority of key metrics in the first-time buyer, residential purchase and remortgage sectors remained broadly unchanged in July compared to the previous month and the same period last year.
The buy-to-let sector was the only one to see a softening in borrowing in the month and the only major change in the residential market was an increase in numbers choosing a fixed rate product ahead of the rate rise.
Brian Murphy, head of lending at Mortgage Advice Bureau, commented: “Despite one of the best summers we’ve had for over forty years – which in itself has been a pleasant distraction for many – coupled with the start of the school holidays, activity in the UK housing market continued to tick over nicely in July’’
Lanes New Homes’ Sales Director, Peter Cunningham added ‘’There are still plenty of motivated buyers looking to take advantage of the new build Help to Buy scheme whilst it remains available and the summer sales period, including August, has been one of the busiest on record for us.
Developers are always keen to secure sales in the 2nd half of the year and in addition to there being some really good buyer incentives on offer there are also some genuinely brilliant new schemes on release combining fantastic living environments with strong long term investment opportunities’’
Overall, given the time of year and the current economic and political climate, it looks like the new homes market in the Home Counties is performing to expectations with ongoing demand continuing to outstrip supply.