During this period, Tyser Greenwood Surveyors has seen their numbers of re-mortgage valuations double, as well as an 87 per cent uplift in new mortgages.
Richard Kitt, Managing Director for Tyser Greenwood Surveyors, comments on what he thinks the reasons are behind this marked increase.
He said:
“Despite the bank base rate remaining unchanged once again this month, the ongoing threat of rising interest rates, now predicted to be around May, coupled with inflationary pressures, are causing those who are currently sitting on a standard variable rate mortgage to consider their options."
Mr Kitt believes the significant uplift in new mortgage valuations can be attributed to greater activity at first time buyer level off the back of attractive new mortgage products being released to the market.
He adds:
"Loan-to-value mortgage offers of 90 and 95 per cent are starting to re-appear, presenting much more manageable options for first time buyers and demonstrates improved lender confidence that house prices may have bottomed out.
"This could create the competition needed to stimulate activity in the housing market, which for some time has suffered from a lack of funding and available stock.”
Richard Kitt is also pleased to report that TGS has seen a six-fold increase in investment lending valuations with landlords keen to seize the opportunity of lower house prices and high rental yields to expand their portfolios.
