Latest Mortgage Deals in UK Lead to Increased Buyer Demand

Latest Mortgage Deals in UK Lead to Increased Buyer Demand

According to the latest analysis from Zoopla, buyer demand has experienced a significant surge, rising by 11% this month in comparison to February the previous year, thanks to the latest mortgage deals in the UK. This increase is attributed to several factors, including declining mortgage rates and a release of pent-up activity within the market.

Throughout all regions of the UK, there has been a notable uptake in demand, with particularly robust increases observed in London, followed closely by the North-East and North-West regions. Notably, Zoopla highlights that the capital’s housing market has faced challenges due to stretched affordability, trailing behind the rest of the nation for the past seven years.

In examining property values, Zoopla’s data reveals a disparity between London and the wider UK. While the average value of flats in the capital has seen a modest 13% increase since 2016, values across the UK surged by 33% during the same period and by a notable 50% in Wales.

Despite these discrepancies, there are positive indicators suggesting an overall improvement in the health of UK housing. Zoopla points to a notable increase in the number of sales agreed, rising by more than 1/5 compared to the same period last year. This uptake in sales has been observed across all regions and counties in the UK, with six regions experiencing an increase of at least 10%, including London, the south-east, Yorkshire, and the Humber.

Furthermore, there is encouraging news regarding market competition, as the average number of days from property listing to agreeing on the sale subject contract has marginally decreased from 34 days last year to 33 days presently. This reduction signifies a positive shift towards a more dynamic and responsive housing market, benefiting both buyers and sellers alike.

In summary, Zoopla’s analysis underscores the resilience and dynamism of UK housing, driven by increased buyer demand, a rise in sales activity, and enhanced market competitiveness.

MMPE can provide buyers with independent mortgage research, advice, and a quick and efficient mortgage agreement in principle service. Our free-to-download mortgage app Sussed provides buyers with an accurate mortgage affordability calculator, which will provide you with an assessment of the amount lenders would consider lending. Sussed also provides a mortgage sourcing tool built-in, giving you access to all the latest rates in real-time.

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My Mortgage Experts & Protection Experts Ltd (FCA 937076), is an Appointed Representative of King Mortgages Ltd.

King Mortgages is authorised & regulated by the Financial Conduct Authority (FCA). King Mortgages Ltd is entered on the financial services register under reference number 803561.

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