Oh, the rollercoaster ride of the housing market!
November brought a slight dip in mortgage approvals, leaving property professionals scratching their heads. According to the Bank of England, 65,700 mortgage approvals were recorded, a drop from October but still above the 12-month average of 60,400. Remortgaging approvals also saw a minor decrease, yet remained above the yearly average.
Nathan Emerson from Propertymark highlights the impact of higher interest rates, stressing the need for consumer confidence and stable inflation to ensure a healthy market. Meanwhile, Jeremy Leaf, a seasoned estate agent, sees these figures as a pause after the pre-Budget rush, with the potential for a recovery still uncertain.
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Mortgage broker Mark Harris notes the surprise dip in approvals, hinting at a bumpy road ahead rather than smooth sailing. However, he points out that the effective interest rate on new mortgages has decreased, with hopes for further rate cuts.
Jason Tebb of OnTheMarket remains optimistic, noting that the new year shows promise with some lenders reducing rates. If this trend continues, it could boost buyer confidence just in time for the end of the stamp duty concession in March.
So, while the numbers might not be thrilling, there's a glimmer of hope for a more stable market as we move forward. Keep your eyes peeled, property pros—2025 might just bring the growth spurt we’re all waiting for!
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