Economic measures following Brexit offer opportunities for First Time Buyers
- 24th October 2016
- Buying Property News
13% increase in the number of mortgages on the market since Brexit is providing opportunities for buyers
A 13% increase since June in the number of mortgage deals on the market and a decrease in the average mortgage rate are proving very attractive to potential buyers in the UK.
The latest research by Which? reveals that there were 5,366 mortgage deals available at the end of September compared with 4,736 in June. In addition, the average mortgage rate on offer fell from 2.99% to 2.85% during this period.
The data also show that the number of 80% mortgages available to first time buyers has increased from 516 in June to 609 at the end of September and the average rate on these mortgages has decreased by 0.1% to 2.84%. The interest rate on 95% mortgages has also dropped since the Brexit vote.
Stephen Ludlow, Chairman of ludlowthompson, comments: “The increase in the number of mortgage deals available is shifting the market in favour of buyers. It is important for potential buyers, especially first-time buyers, to utilize this window of opportunity.
"The economic measures and falling mortgage rates are building confidence in the market and encouraging many potential buyers to book viewings for properties they are interested in, with a possible view to getting on the property ladder."
It is important for potential buyers, especially first-time buyers, to utilize this window of opportunity
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