UK mortgage loans fell to a nine-month low in February — despite a drop in lending rates. Newly approved loans to home buyers fell to 47,094, the lowest number since last May, says the Bank of England. That was despite average rates falling to 3.83%. Total lending rose to £11.5bn [US$17.4bn] as remortgaging picked up. Simon Rubinsohn, of the Royal Institution of Chartered Surveyors, said cold weather may have put off house-hunters but lending should pick up after the Chancellor exempted homes under £250,000 from stamp duty for first-time buyers.
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There are numerous sources for graphs, charts, surveys, calculations and a seemingly infinite number of people and organizations with a stake in the housing market, so it’s difficult to cut through the noise and hear the melody. But in her debut column, HousingWire Columnist Mary Frances Coleman shows you how.
MDK is strongly encouraging clients to embrace the new normal while preparing for a foreclosure volume increase in the not-too-distant future.