Total mortgage lending in UK still affected by weakness in buy to let - Property Wire

Total mortgage lending in UK still affected by weakness in buy to let – Property Wire

Mortgage lending in the UK is down 8% just from last month. Experts expect the weakness in the market to continue for various reasons. Because fewer people are moving there are fewer properties that are available to folks looks to change locations. This makes the home values go up which makes it harder for people to qualify for. Experts do expect an up tick in the spring which is typically the busy season but will probably dip back down again after the Spring surge.

Key Takeaways:

Not enough people in the UK are moving, which is creating a shortage in the housing supply
Experts are hopeful that the mortgage market will increase in March because Spring is usually a good time for mortgages
Interest rates are low right now, but they might rise soon

“Henry Woodcock, principal mortgage consultant at IRESS, expects the market to pick up a bit in March, traditionally the start of the busy spring buying season.”