Remortgage activity remains quite strong in the early months of the New Year according to the latest mortgage lending data. LMS figures indicate remortgage approvals increased 10% from December to the month of January. January posted more than 30,400. Month on month, the value of remortgages increased 7%. The first month of the year also saw the most remortgage activity in eight years.
Surprising data regarding the UK housing market continues to surface. The first two months of the year have confirmed one thing about the market, and that is there is no lack of confidence. During the month of February mortgage lending once again took off in a month on month comparison. This followed a month in which estimates were beaten and new forecasts came about. The coming months appear anything but weak, according to many close to the housing market.
A wide range of opinions regarding the short term of the UK housing market remains spattered about as we begin the third month in the first quarter of the New Year. Pace of growth of house prices remains a hot subject in which everyone is weighing in. The latest data indicates forecasts of house price growth were marginally off for the month of February as house prices increased faster than expected.
An issue regarding the UK housing market which no longer can be denied or ignored is taking center stage for those looking to find a residence. All across the country, the problem of housing shortage is real and not going away according to data from estate agents assisting those looking for a home. The latest data suggests there are more than 10 prospective buyers for every property on the market.
Any signs of a weakness within the UK housing market are tough to find currently as mortgage lending for original purchases and remortgage lending are both going strong. Overall property lending along with first time buying are both pushing the market forward, according to the latest data from the Council of Mortgage Lenders. This is a surprise to many who thought uncertainty following Brexit along with new tax changes would lead to a slowdown lasting for months.
If January of this year proved anything within the UK housing market, it is house owners are still actively pursuing remortgage deals which suit their financial situation. Almost 30,000 remortgage deals were approved during the first month of the year. Year on year comparison to January of last year yielded a surprising result. More than 15% fewer deals were taken advantage during the month of January last year than this year.