Ordinarily there is a lull this time of year in the property market, yet data released from Halfiax indicates otherwise. Figures show mortgage approvals are increasing as people are securing their mortgage before they begin the property hunt for their new home.
Brian Murphy, Head of Lending for Mortgage Advice Bureau comments:
“The data released from the Halifax this morning suggests a stable market, consistent with the current underlying factors. The data records a 6% annual increase in house prices in the last three months to November, with a 0.8% increase in September to November on the preceding quarter. As one of the first indicators of transactions which are likely to have started post-Referendum, this is an encouraging sign suggesting that for many, it’s been a question of ‘keep calm and carry on’ when it comes to purchasing property.
The Halifax also reports that mortgage approvals have stabilised and were unchanged in the three months to October, with mortgage approvals increasing for a second month in a row. This possibly suggests that there may be an increase in market activity in the coming months, as consumers are getting their ducks in a row early and securing their mortgage prior to then looking for their new property. Given the ongoing significant lack of stock in many areas of the country, together with record low mortgage rates, even though we are approaching the seasonal Christmas lull, it’s possible that the market will remain steady going into early 2017.”
So it seems the keep calm and carry on approach has been adopted and we'll have to wait and see whether the start of 2017 carries on with this upward trend.
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