The mortgage market the UK is in stable condition

The number of contracts on mortgages approved by British banks in September 2016 has increased compared to the August low, but still 15% lower than last year. A slight increase in September could improve the overall weak picture of the market of mortgage crediting of residential property in England and Wales.

But this simplified picture looks different if you look at the numbers more carefully. If you study the data in 2014 and 2015, we will see that these were years of extraordinary activity in the mortgage market residential real estate in the UK.

In 2016 people pushing the uncertainty due to Brexit and many potential buyers have postponed such a serious step as the purchase of real estate , fearing for their financial stability. Although data for 2016 are weaker than in previous years, the real estate market demonstrates an enviable stability to the “post-brecitos” conditions. The main problem in the housing market the UK real estate continues to be the lack of a sufficient number of new objects for sale. On the background of strengthening economic indicators of excess demand over supply and historically low interest rates on loans, pressure on prices from consumers will continue.

An additional stimulus for the market is the possibility of lending. Expected quite strong the last months of 2016, when the expected increased consumer activity in November and December, as a manifestation of delayed summer demand.

® Helen Entree. 25.10.2016 G.

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