Housing Market Activity Strong to Start New Year
The UK housing market is off to quite a nice start this year, according to the latest data to surface. In a year which has been marked the year of uncertainty by many close to the housing market, January started the year with strong showings from first time buyers and those seeking to take advantage of low interest rates through remortgage. Many experts had chosen to avoid making forecasts about the market before the year started due to the possibilities which might take place with Brexit. So far the market has been surprisingly stable according to many housing authorities.
More than 25,000 first time mortgages were approved in the month of January. This is an increase of almost 5% compared with the same time last year.
Home movers obtained 25,300 mortgages in the first month of the year as well. This is an increase of almost 3% year on year.
This data from UK Finance has been noticed by housing experts and surprise has been a key word used to describe the data to this point. With uncertainty floating about, many expected a much lower key market for the start of the year.
Remortgage is still making a strong, active showing within the housing market. As many see their original home mortgage loans mature, activity is expected to remain robust.
Lenders are locked in a competitive market and they are not being shy about interest rates. Many are offering low interest rates combined with favourable incentives.
Many expect the remortgage sector to remain active through the year.