After all, if there are more people in a position to buy property, there should be a chance for more vendors to sell their home. There is such a strong connection between the fate and fortunes of vendors and buyers that parties on either side cannot view themselves as enemies, they need to consider themselves as working towards a shared goal.
Therefore, news provided by UK Finance for December of 2018 will be welcomed by many people looking to make a move in the near future. It was announced that the number of mortgages approved for December of 2018 was 25,145. In comparison to the December of 2017 figure, there was an increase of 5.2%, which is certainly a move in the right direction.
There is positivity in the market
With respect to the gross mortgage lending sum, in December of 2018, this figure stood at £21.1 billion, and this was 4.7% higher than the December of 2017 figure. With respect to the annual figure, gross mortgage lending for 2018 stood at £267.5 billion and this was 3.8% up on the 2017 figure.
Richard Pike is the Sales and Marketing Director for Phoebus Software and he spoke about these figures, saying; “It is hard to talk about anything at the moment without mentioning the ‘Brexit’ word: it is all-consuming and there is little doubt that it continues to affect the housing market. The fact that house purchase approvals were up in December suggests that people are planning ahead and making their move before the March deadline. Interestingly the number of remortgage approvals took a dip compared to the same month in 2017, which bucks the trend throughout the rest of the year. Nonetheless, I would expect it to be the remortgage sector that will be keeping the mortgage market going in the coming months, as we wait to see how our exit from the EU pans out.”
There will be property moves in the next few months
While Brexit is undoubtedly influencing the property market, it is positive to see that there is still movement. There will be many people waiting to see what occurs after Brexit but there will also be people keen to carry on as normal, so hopefully, there will be movement in the next few months.
Jeremy Leaf is a former chair of RICS and he said; “These figures show that sales are still happening, where buyers and sellers are taking a longer-term view, prompted perhaps by the need to live near schools, work, or downsize. Negotiations can be tough but more successful when the parties concentrate on the difference between the buying and selling price – not the headline figure. In the past few weeks, we have noticed supply shortages, improving affordability and very low unemployment, and mortgage rates are proving more relevant to buyers and sellers than political uncertainty, so believe a sharp market correction is unlikely.”
If you are looking to make any move in the Streatham property market, it is best to call on an expert for support and guidance. At Oaks Estate Agents, we are delighted to say we have helped many locals make a move, and we look forward to assisting you too, so get in touch.