The latest figures on lending in the UK are in from the Council of Mortgage Lenders (CML), and although gross mortgage lending fell in April, compared to March, it is still higher than the same period last year.
According to the CML statistics, gross mortgage lending hit £18.4 billion last month, an 11 per cent fall on the total recorded in March. However, it is up four per cent on the same month in 2016.
Mohammad Jamei, CML senior economist, said that while home movers are struggling to find properties to buy, first-time buyers (FTBs) and those remortgaging their homes are helping support the market.
“First-time buyers and remortgage customers appear to be buoying the market, as low mortgage rates are encouraging borrowers to remortgage and attractive government schemes are helping first-time buyers,” he asserted.
Mr Jamei added that the disparity between supply and demand for homes is likely to support house prices across the country.
There could be some good news for those seeking a new home though, after the latest figures from the Department for Communities and Local Government showed that annual new build dwelling starts were 15 per cent higher in the year to March than the same period 12 months earlier.
The figures also showed that the number of all dwelling starts has recovered well from the low point in 2009, with current statistics putting new starts 152 per cent above this level. So while there may not be so many homes available now, that could change if the current rate of building activity continues.
If you’re a first-time buyer looking for estate agents in Hull, come and speak to us. We provide a free cost of moving appointment so you know how much you’ll need to budget for and we also provide free valuations of properties to help you make key decisions.