More, More, Mor(tgage)
The reasons to be hopeful keep on coming.
We recently shared the news of Rightmove Reporting a record high number of site visits from potential buyers.
Now, Financial Reporter has highlighted figures from Twenty7Tec that show a 26.7% increase in searches for standard residential mortgages, between February and March.
Although the Stamp Duty Holiday extension could be attributed as a major factor in this, the fact that 21% of all mortgage searches in March were from first-time buyers puts paid to the notion that itis the only reason, and offers encouragement that what was once considered a bounce-back is actually more akin to a long-term endorsement of the industry.
By creating more homeowners, we are helping to ensure the industry’s long-term stability, rather than an immediate boom resulting from incentives. The reasons for the increased interest from first-time buyers could be due to a number of reasons –from remote working opening up a greater radius of areas in which to move to,to a desire to lockdown (pun most certainly not intended) tangible assets following such a turbulent period. This In turn, should lead to a greater demand for housing, and new options for landon which to build.
On the flipside, this high demand for mortgages (Twenty7Tecrecorded its 24 busiest ever days in March) can cause delays in the buying process. Through Spaciable, we can help developers and homebuyers recover some of this time, by speeding up conveyancing significantly. Please get in touch, if you would like to learn more or book a demo.
Following Last summer where the industry seemed to be teetering on the precipice, it now seems like we are reporting on record-breaking interest on a monthly basis, anda return to form for the property industry is a signal of much more widespread prosperity in the coming years.