The number of property transactions rose 1.4 per cent month-on-month in March and 6.8 per cent annually, according to the latest figures from HMRC. With last March’s housing market activity adversely affected by the ‘Beast from the East’, a jump in transactions this year was expected and masks the fact that the market is actually relatively stable.
The subdued nature of the housing market may be down to people holding fire while they wait for some clarity on Brexit but on the upside, it is making for an extremely competitive lending market.
Lenders remain keen to lend and with the supply of money outstripping demand, this is keeping a lid on mortgage rate increases as they compete with each other to attract business. The market is ultra competitive and because of this we expect pricing to remain where it is, with lenders continuing to accept tight margins.
This is good news for borrowers who will continue to have an excellent range of products at competitive rates to choose from, once they decide to take the plunge. As always, it is worth seeking mortgage advice from a broker before choosing a deal to ensure you are getting the right product for your circumstances.
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