As we have said before, we like good economic news at Limetree. Even a modestly improving economy means we are seeing the highest level of mortgage lending since October, 2008. We were invited to discuss this rise on BBC Radio Cambridgeshire’s Drivetime last week (and you should be able to listen in at around 5:15 for the next few days).
An article from Financial Reporter suggests that government funding (such as the Help to Buy and Funding for Lending schemes) has stirred up the market. With growing demand from buyers, and better competition from lenders, the gradual growth is a whole-market improvement.
The Council of Mortgage Lenders’ chief economist, Bob Pannell agrees with the help from funding, and also suggests that the UK’s weather may be playing a role:
“While the direction of travel is clear and fits well with the more positive housing surveys from RICS and others, our forward estimate does imply somewhat stronger house purchase activity than we had been expecting. This may reflect a degree of pent up sales following the extended spell of poor weather earlier this year.”
So with the weather and general economic progress pushing the lending market up, now might be the best time yet to get in touch with us.