Estate Agents Ipswich - 20% increase in UK mortgage lending

http://www.jonathanwaters.co.uk/ipswich/index.cfm

Figures have just been released that show in May this year UK mortgage lending increased by 21% to its highest monthly level since October 2008, with activity apparently even exceeding lenders’ expectations.


Figures from the Council of Mortgage Lenders (CML) recorded gross mortgage lending of £14.7 billion in May.

This was a 20% increase on April 2013 and a 17% increase over May last year and has been assisted by government schemes created with the intention of boosting the market.

However, Bob Pannell, the chief economist at the CML, stressed caution and said: “The figures only show a big leap in one month which is not necessarily typical of a shifting trend”.

Jonathan Waters, owner and managing director of Jonathan Waters Estate Agents with three Ipswich offices in the area was understandably upbeat concerning the recent news.

Since the last week in January we have seen a huge upturn in activity within the Ipswich area housing market, an equivalent 20% increase in sales over the same period last year, and a corresponding rise in interest from all buyers. It is especially good news to see the start of a resurgence of first time buyers – details of recent Government schemes to help first time buyers can be found in our article ‘New Scheme to help first time buyers of homes in Ipswich launched’.

“It comes as no surprise that the increased activity we have seen since the end of January is finally filtering through to the official figures,” commented Jonathan.

However, Jonathan’s belief is backed up by many specialists in the mortgage market who say that these signs do not mark a return to the runaway housing market seen before the credit crunch.

“Deposit requirements are still higher and lending criteria still much more critical than they were in the months and years before the property slump and a number of factors would currently make it hard for the recovery in lending to reach the much higher levels we saw in 2008. I am told that despite the latest monthly increase, mortgage lending is still half of what it was at the absolute peak of the boom.”

Estate Agents Ipswich - To get your property on the market book an appointment with Jonathan Waters or one of his senior valuation team:

625 Foxhall Road, Ipswich, Suffolk, IP3 8ND
01473 721133
jonathan@waters-ips.co.uk

35 Buttermarket, Ipswich, Suffolk, IP1 1BH
01473 281188
jonathanwaters@jonathanwaters.co.uk

Bristol Court, Betts Avenue, Martlesham Heath Business Park, Martlesham IP5 3RY
01473 620222
jonathan@waters-ips.co.uk

or visit www.jonathanwaters.co.uk