There was much speculation towards the end of last year that 2014 would see massive increase in the number of mortgage approvals. “At last” sighs the industry!
With many of the bigger high street lenders increasing their sales targets by 30-50 % for 2014, us mortgage brokers have been waiting with baited breathe…. So far the usual sleepy January and snoozy February have been incredibly busy which is super encouraging for both us as brokers and you as the borrowers.
So does the industry as a whole agree? In general the news is very positive, with many of the afore mentioned high street lenders reporting a high increase in mortgage applications and approvals and and increase in house prices.
Statistically houses prices have soared again for the 13th month in a row, good news for homeowners and clear evidence of the increased consumer confidence. Historically price rises have made young adults feel excluded but with the introduction of schemes such as the governments Help to Buy there is a route onto the market in these very buoyant times. In fact the Council of Mortgage Lenders (CML) have said that First Time Buyer’s are “driving the mortgage market forward”, accounting for 44% of all home loans last year.
So with a prevailing wind and continued confidence 2014 does appear to be off to a positive start, long may it continue.