"Like many other industries, the mortgage market is undoubtedly in a state of flux, with house prices fluctuating and lenders pulling mortgage products."
However, Trussle also reports that the volume of first-time buyers being declined due to needing a high-LTV product is seven times higher than in the previous two months.
This time last year there were 145 products available for buyers with a 5% deposit, whereas currently there’s only one.
Whilst housing demand is currently very high, it’s also been reported that there’s a 15% drop in housing availability compared to before the coronavirus outbreak.
Trussle says the stamp duty holiday "could be the push the property market desperately needs to get it back on its feet again". 64% of Trussle’s mortgage enquiries over the past month have been for properties less or equal to £500,000, suggesting that a large proportion of the housing market would benefit from this reform.
Miles Robinson, head of mortgages at Trussle, commented: “Like many other industries, the mortgage market is undoubtedly in a state of flux, with house prices fluctuating and lenders pulling mortgage products.
"But, the more positive news is we’re beginning to see some green shoots. House buying has for decades been a sign of economic recovery and we believe this situation is no different. Estate Agents are recording a real surge in demand for houses. Similarly record interest rates mean there are some great deals for those who are in the right position.
"However, we still need to tread carefully. The stamp duty holiday will undoubtedly add a much needed boost for those who are looking and able to buy. Over time, we hope to see lenders add a wider variety of products to the market to make homeownership more accessible."
