The housing market has taken a slight shift and it is showing in the asking price from sellers. According to recent reports there are more properties that have come onto the market compared to last year and that has made the market switch to less of a sellers’ market. Those hoping to sell their homes in a timely manner are becoming more competitive and are dropping prices in an attempt to gain the attention of hopeful home buyers or to put their property into a category that is affordable by a larger demographic of buyers.

Buy to let lending has been on fire over the past several years. Entering this year, the sector was moving along similar to other types of mortgage lending. Landlords were increasing the value of their portfolios and purchasing more property for let. Renters have been in such high demand that landlords had little choice but to attempt to keep up. The latest data is now painting a new picture of the buy to let sector. The month of May appears to be a turning point in the growth of buy to let overall.

As expected, the mortgage lending market had a boost prior to the official start of summer. Good weather helps to bring hopeful home buyers to the housing market. Also, home owners tend to seek out remortgages when the summer comes around. Several reports have revealed that remortgages increased both month to month and year to year along with an increase in first time home buyers in the lending market.

The cost to rent a property is now more expensive than the average monthly mortgage payment in every area of the UK, according to the latest economic data. Rental property has surged in demand in recent years due to the constant increase in house prices over the last decade as well as other factors. For most people attempting to grasp the first rung of the property ladder a home deposit is out of reach and only pulling away further.

Housing market data is official for the month of May. First time buyers made a statement during the month as an increase year on year of more than 8% compared with the same month last year was posted. First time buyers accounted for 32,200 new mortgages. This figure indicates the housing market is experiencing a rebalancing in the eyes of many close to the market. The number of new mortgage loans obtained once again decreased.

Remortgage activity within the first and second quarters of 2018 has been at quite a heightened pace. Many close to the housing market see the surge in remortgage approvals as the home owner’s strategy against possible rising interest rates and some believe it could be as simple as obtaining a low interest rate. Interest rates remain at historic lows and are expected to stay low even if an increase takes place later this year. The Bank of England has hinted at a hike in interest rates during the August meeting of the Monetary Policy Committee.