A growing number of signs suggest that the housing market is picking up. For example, the number of mortgages being approved increased by 3% between February and March this year, according to Halifax.
Mortgage approvals are an indicator of completed property sales. Not only does this increase suggest that the UK housing market is improving – it also reflects the better affordability levels of mortgages.
Halifax says that today’s typical mortgage payments are only 28% of the average income. Compare that figure to the peak of the property boom in 2007 – when homeowners had to fork out 48% of their income on mortgage payments.
Mortgage availability has increased sharply since the Government launched its Funding for Lending scheme last August, which gives lenders access to cheap finance to help borrowers.
And the best evidence of a recovering housing market that we see at Limetree is the fantastic rates that are out there for buyers.
If you don’t feel that you have seen your mortgage payments come down in line with the changes, call Limetree now. There is no need to pay over the odds each month with so many great new rates available.