I mentioned two weeks ago that with the recent general election and seemingly political calm in the UK, that no matter which way you voted or how pleased/disappointed you were, it would probably mean a positive upward climb for the economy in 2020. And with an nice uplift of the economy, that means a good growth of the housing market. We did talk about our predictions in the first blog here.
We are at past the end of January 2020, so has my precarious prediction bore fruit and do we have a healthier housing market? Well according to the Independent we do.
On the first of February, The Independent reported on a growth in mortgage sales and lending across the UK:
“The number of mortgages approved for house purchase rose to 67,241 – the highest since July 2017 – from 65,514 in November. The value of mortgage lending rose by £4.55bn, compared with an average of £4.2bn over the previous six months.”
(you are now departing from the regulatory website, Coleshill Mortgage Services or Quilter Group are not responsible for the accuracy for the linked site)
That means it has been two and half years since we have had this number of house purchases. If people are buying houses this usually means that house prices will rise too. The article did report that house prices in January had increased to 1.9%, this is a modest increase from December, which was 1.5%. But still it is in the right direction.
So if you are selling your house or thinking of selling, then this is wonderful news, it means that you hopefully will get a good price. If people are buying and mortgages are being approved, you will not only be able to sell your house reasonably quickly but also be able to buy something too.
At Coleshill Mortgage Services we will continue to report on how this year fairs in house prices, and the market in general.
As always speak to someone your trust when looking at buying a house and getting a mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.