The mortgage market to intensify over autumn
Activity in the mortgage market is likely to pick up over the next coming months, according to new research.
Previously, in recent years mortgage approvals over the autumn months have been 7% higher than average.
The mortgage market needs a boost, confirmed by the data found as mortgage approvals have decreased by a massive -23.7% each year. With 633,400 mortgage approvals over the past year that’s a huge decrease from the year before that had 830,600.
Only 22% of approvals tend to take place during the spring season, hopefully, the next few months can make up for the falling rates.
When looking at statistics we can see a rapid decline of approvals over the last 6 months, its -14.7% lower than the 6 months before that (291,600 compared with 341,800).
On the other hand, we can see a small rise of improvement over the past few months, due to the rising number of approvals, 3.2% in May and 6.9% in June.
Measures designed to curb inflation implemented by the Bank of England have curbed activity due to 14 successive base rate increases, from 0.1% to 5.25%.
“The mortgage market has had a mixed year, but activity could intensify in the months ahead.
Autumn is historically the strongest time of the year, and the approval count has already improved over the summer months.
Mortgage rates are steady and in many cases now falling, which should help to spur on potential buyers.” – Jonathan Samuels, CEO of Octane Capital.
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