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Hall Quay - Great Yarmouth

Mortgage Advice Bureau National Mortgage Index - May 2018

 

Market remains consistent in April

In overall lending terms, in April we observed plenty of purchase-led activity alongside significant numbers of homeowners deciding to remortgage, probably due to the news headlines suggesting that an interest rate rise in May was likely.

The Easter holiday at the beginning of the month coupled with un-seasonally late bursts of inclement weather appeared to impact buyer behaviour in some areas until the middle of the month with many estate agents reporting viewings postponed during the period. However, homebuyer borrowing activity remained strong all month overall, suggesting that consumer confidence was very much still in evidence.  Completed transaction volumes as a whole were slightly tempered according to HMRC data, although deals finalising in April would be a reflection of those which probably would have originated in January, if not previously.

On a regional basis, topline data for East of England & Norwich is as follows:

East of England Statistics – April 2018 data

Purchase Mortgage

Remortgage

Average LTV %

66.5%

58.3%

Average loan size

£145,756

£136,071

Average age

39

44

Average property value

£220,886

£233,398

 

Oliver Dack, Mortgage Advice Bureau Norfolk and Suffolk observes:

“Following on from a busy March, April was also an exceptionally good month for us, particularly with those seeking a mortgage to move home.

Many of the clients we assisted last month were borrowing to fund a purchase and having put their plans on hold previously for whatever reason were now anxious to get going and move as soon as possible.  

Interestingly, we also noticed that investors were busy in April, which we had also observed in March, so it would appear that any jitters around the impact of taxation changes to landlords have now been overcome, and those who wished to add to their existing portfolios were getting on with the task in hand, albeit having taken specific financial advice before doing so.

Property values locally rose last month, which we would attribute to the ongoing shortage of available properties on the market creating an upwards pressure on prices.”

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