There has been good news of late for those involved in the property industry or wanting to enter into purchasing a mortgage.
It has been announced that in May there was a 24% increase in the number of house purchase mortgages approved. Year on year the figure is up 19% when compared to 2012 – with a relatively high value of approved loans.
The high figures are said to be in part down to the Bank of England’s ‘funding for lending’ scheme – which allows banks and lenders to borrow money at reduced rate providing they pass this on to buyers.
In addition, the ‘Help to Buy’ scheme has also seen relative success, with first time buyers being provided an equity loan of up to 15% of the purchase price of a new build property. The injection of money into the property industry is good news – but it is also clear that people are taking out mortgages more responsibility, doing more research and understanding their money a lot better than they did in the past. The number of people putting their properties up for sale has also increased in recent years, and many people are also re-mortgaging to take advantage of the lower home loan rates.
Although homeowners are still under pressure from large amounts of debt, the current signs are very positive when it comes to stimulation, stability and growth in the housing market.
Here at Kingsley Smith Solicitors we are established and expert property and planning lawyers. If there are any queries, do get in touch with us for more info
