The UK housing market saw an increase in sales in late 2012,
boosted by a strong increase in mortgage availability, enabling the number of
first-time buyers to rise by 8% in November, to 21,700.
Reporting on these numbers, the Council of Mortgage Lenders (CML)
also stated that the total level of new mortgages in November was up by 6%, to
52,700 buyers. This is an increase of 13% on the previous year and the highest
number reported in a November since 2007.
Paul Smee, a director of the CML said: “Encouraging activity
in the first-time buyer sector in November contributed to an uplift in house
purchase lending, suggesting that the underlying trend for year-on-year
increases should continue.”
He went on to add: “We expect the Funding for Lending scheme
to continue to encourage a downward drift in interest rates.This may prompt an increase in remortgage activity as
borrowers
seek to take advantage of lower rates.”
Reinforcing this
bullish sentiment, Barratt, one of the UK’s largest house builders, reported
that their order book for 2012 was up 35% from the previous year and that: “Whilst
the availability of mortgage finance remains the key constraint to industry
growth, we have started to see some improvements coming through.
“Expectations are that mortgage lending should increase in
2013, supported by the Bank of England’s Funding for Lending Scheme.” Meanwhile,
the Royal Institution of Chartered Surveyors (RICS) stated that, among those of
their members who also operate as estate agents, more expect their sales to
increase in the first quarter of 2013 than expect them to fall.
Reader might also be interested in: Good news for the housing market…
Issued by: Enable Independent Financial Life Planners
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Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Services Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE.
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Services Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE.
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