Property market buoyed by mortgage lending
New figures have shown strong mortgage lending in 2015 despite a shortage in properties.
The Council of Mortgage Lenders (CML) said that homeowners borrowed £220.3bn last year. That was a rise of 8% on 2014 and the highest since 2008’s total of £247.8bn.
However, it is still far below the £356bn at the height of the pre-recession property market boom in 2007.
Record low interest rates, rising wages, competitive mortgage deals and falling unemployment are among the factors credited with the increase.
This rise in lending has been mirrored in continued demand for our professional services, especially for surveys.
Housebuyers are keen to get a survey in place so they don’t lose a mortgage offer. We’re also one of the few firms in the area with an inhouse structural engineer to provide expertise when required.
You can read more about the latest figures on the CML website at https://www.cml.org.uk/news/press-releases/gross-mortgage-lending-press-release/
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New figures have shown strong mortgage lending in 2015 despite a shortage in properties. The Council of Mortgage Lenders (CML)…