With just over 3 months passed since the public voted for the UK to leave the EU, uncertainty for the economy and in particular the housing and property market is suggested by many to be a matter worth worrying about. But after a tough few months for the UK, November is looking bright in the run up to Christmas.
According to the Financial times, mortgage approval rates picked up in the month of October and November is off to a positive start. Despite the housing market showing signs of underlying weakness since Brexit, other indictors along with the consistent rise in mortgage approvals point towards even more stability following a good Spring and Summer in 2016. It is also crucial to highlight that interest rates are at a record-low, meaning there has never been a better time to buy a new home.
For the younger generations, getting onto the property ladder seems almost impossible, but recent reports shed light on the current situation. According to a report recently published by The Telegraph, the number of mortgages taken out by people aged between 25 and 34 years old were up from earlier reports in 2007, taking the average age of a borrower from 39 to 37 in recent years.
What does the future hold for the housing market?
The change in Government will most certainly see some changes for the UK for help to buy schemes available to first time home buyers and despite the fact that house prices are at all time high relative to the average wage, the record-low interest rates have made buying a new home more affordable than ever. Help to buy ISA and shared ownership plans as well as banks and building societies accepting deposits as low as 5% meaning that the journey to being a home owner doesn’t have to be as inaccessible originally expected.
Don’t know where to begin?
Call your local branch today to speak to one of our experts who will be able to help you make the process of buying or selling your home smooth and hassle free, providing you with expert knowledge along the way.
Here at Peter Lane, we are the leading independent estate agent proud to provide a high level of bespoke customer service to each and every one of our clients, for more than 25 years.
Sources from The Financial times, The Telegraph and BBC news.