The Surrey housing marketing continues to show strong growth helped in part by the fact that mortgage lending is on the up. According to figures released by the Bank of England this week loan approvals increased to 66,582 in June from 64,826 in May. It’s good news for both first time buyers and those looking to take their next step on the property ladder.
Also supporting housing market growth is that fact that mortgage rates are currently at an all-time low, leading to many people rushing out to secure a good deal. However Seymours doesn’t expect these rates last beyond the end of the year. The Bank of England have strongly hinted at a rise in interest rates at the beginning of 2016, although this date is moveable and could be as early as December 2015.
This predicted interest rate rise has already caused Barclays and Santander to take their cheapest mortgage deals off the market, and others could follow. So the advice is to act now and secure your mortgage deal while rates are low, as these deals aren’t likely to be around for much longer.
Massimo Lanzalaco, Director at West Byfleet, comments: ‘Mark Carney’s recent announcement that interest rates are very likely to rise has certainly encouraged buyers to act now rather than waiting until then autumn months to put their houses on the market.
‘While August is typically a quieter month for estate agents with the holiday season in full swing, we’ve seen an increase in those looking to buy and sell, prompted by availability of cheap mortgage deals and the fact that they are time-limited.
‘It’s the ideal time to start thinking about your next move, take advantage of the low mortgage rate deals while they are still available and protect yourself from the impact of future interest rate rises.’
If you are considering selling your property, contact one of our 15 partner offices across West Surrey. See our contact page for our full list of office locations and get in touch today.