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Is the Residential Property Market more buoyant than reports suggest? back

09/07/2019


Home movers and first-time buyers drove the mortgage market in April. Industry data shows that the number of home buyer mortgages increased 6.4% annually in April to 25,450 – the highest so far this year – the number of approvals for first-time buyers was up 7.9% to 27,370, with the number of buy-to-let mortgages remaining stable.

First-time buyer numbers appear to be increasing, which is important to ensure that the market functions well, with those taking their first steps on the property ladder providing extra upward stimulus, and it’s also positive to see that the current conditions are lending support for this particular sector, both in terms of borrowing and overall affordability.

The year-on-year rise in home movers perhaps suggests that, despite the ongoing Brexit situation, movers are now just getting on with their lives, buying and selling regardless, again potentially a signal that the market is showing positive signs of stability.


Caroline Wellard managing director for Kent Estate Agencies, said: “Despite reports that suggest a slowing housing market coupled with ongoing political uncertainty, home owners remain optimistic”

“Our experience locally suggests that buyers and sellers are growing tired of the ‘wait and see’ approach and once the Brexit deadline passed at the end of March, with no further clarification, buyers and sellers decided to press ahead with their move.”

“There is considerable pent up demand in the market following three years of uncertainty and with many doubting that Brexit will be resolved any time soon, people are increasingly making the decision to move on regardless.”

“This new buyer demand with the increase of available housing stock is the driver behind us experiencing price stability and increased sales, helping those that want to move.”

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