New research shows encouraging trends in the mortgage market. According to the latest reports from the Council of Mortgage Lenders, there has been a noticeable increase in mortgage activity compared to the same time in 2011. Last month, gross mortgage lending reached £10.2bn, which is up from £10bn in April 2011. Even though this is slightly less than the £12.6bn reported in March, it’s clear that many people, including first-time buyers and those looking to remortgage, are eager to buy homes.
One interesting trend beneath this booming mortgage scene is that many buyers rushed to purchase properties before the stamp duty holiday ended in March. Rather than being put off, homebuyers were keen to take advantage of good deals, reflected in the strong lending figures for April.
There’s more good news for those seeking mortgages. Nationwide Building Society has increased its mortgage lending by over 40%, according to a report from the Guardian. First-time buyers play a crucial role in this growing market, with Nationwide issuing around 24,000 mortgages to them in the UK. As the country celebrates the Queen’s Jubilee, the lending sector, including both online loans and traditional mortgages, is certainly bringing excitement and optimism.