Mortgage approvals decline slightly between January and February according to e.surv
The latest Mortgage Monitor from e.surv, one of the UK’s largest residential chartered surveyors, shows there were 66,364 mortgages approved (seasonally adjusted) during February 2018.
Mortgage approvals decline slightly between January and February with growth in number of first-time buyers and small deposit mortgages.
e.surv reveals that this month’s approvals are 1.25% lower than in January 2018 and down 2.6% compared to last February.
Richard Sexton, a Director of e.surv Chartered Surveyors, comments:
“While the number of approvals fell slightly in February, this came after two stellar months for the UK mortgage market – prompted by a rise in the Bank of England base rate at the end of last year.
“Activity is expected to pick up again in future months as existing homeowners continue to feel the cost of increased mortgage payments in their pockets.
“Attention will also turn to when the next base rate rise takes place, with many experts predicting this for the late spring or early summer. However, with the recent Spring Statement announcing Stamp Duty relief has helped over 60,000 first-time buyers, market conditions are still very favourable right now for those looking to take their first steps.”
Richard Sexton, a Director at e.surv Chartered Surveyors, concludes:
“Buyers in London and southern areas typically have a much larger amount of equity than those in northern parts of England.
“These markets are all dominated by large deposit buyers.
“By contrast, the Northern Irish property market is home to a greater proportion of small deposit mortgage approvals than anywhere else. Coupled with the lower purchase price, this is a great place for first-time buyers to get onto the ladder.”
Read the e.surv mortgage monitor 21 March 2018 in full click here.
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