Mortgage Borrowing Flourishing

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Latest figures from BBA show a massive increase in Mortgage borrowing, in fact figures show an increase of 38% over the last 12 months and the highest they have been since 2008.  The report indicated that mortgage approvals had increased by 33% over the last 12 months, with re mortgages up 43% and house purchases up by 27%

We at Nelsons have seen a surge in applicants seemingly looking to beat the April stamp duty increase for buy to let investors and second home buyers.

Brian Murphy, Head of Lending at Mortgage Advice Bureau (MAB), had this to say: “There is plenty of appetite among borrowers and lenders alike in the mortgage market, with January seeing a post-recession high in borrowing.

With such positive news I feel now is a great time for both buyers and sellers to do business.  Nelsons Estate Agents in Shoreditch have been very busy and properties are going under offer on average within 4 days of going on the market.  There are many Shoreditch Estate Agents and we hope you make Nelsons your next agent.