As a team of Maidenhead mortgage brokers that’s weathered a few economic storms and handled several periods of mortgage market turbulence over the last two decades since opening our Berkshire mortgage brokerage, there’s one thing we know for sure: nothing lasts forever.
And, after what has felt like a particularly long and difficult period – one that began towards the end of summer 2022, when Liz Truss and Kwasi Kwarteng made some announcements that weren’t very well-received – we might just be turning a corner.
On the up
Recent Bank of England (BoE) data* shows that UK mortgage approvals were up more than anticipated in October, which, combined with the points raised in our recent mortgage article, suggest that a brighter year is ahead of us.
The data revealed that net mortgage approvals rose to 47,400 in October, beating the projected figure of 45,000 by over 5 per cent.
Of course, this is still some way off pre-Covid figures covering the same period – but what wasn’t dramatically impacted by Covid. Exactly, absolutely nothing.
Figures from our team of Maidenhead mortgage advisers for October are broadly similar, too. Alton Mortgages actually saw successful mortgage applications increase by 7 per cent.
So, what next?
A game of confidence
The housing market is just like any other market, in that it’s based on confidence.
The more confident prospective buyers are about the economic outlook, the more likely they are to make big decisions – such as moving home.
With the BoE’s base rate of interest seemingly topping out at 5.25 per cent, combined with fixed rate mortgage rates dropping on a continual basis, the much-reported housing downturn looks to be easing.
And, with a stabilising housing market typically comes increased interest in mortgage brokers. After all, following a prolonged period of inactivity, where people have spent months putting off the inevitable, they tend to want to get moving again.
So, if you’re thinking of moving in the New Year (which, incidentally, is also a period of high activity), our recommendation is that you take advantage of the build-up to the festive period – typically a quieter period in the year – and speak with a mortgage broker to get ahead of the game.
Looking to get a head start on your 2024 mortgage application? If you’ll be applying for a mortgage in 2024 contact our team of mortgage brokers in Maidenhead on 01628 560820 or by emailing enquiries@altonmortgages.co.uk.