The Times and other property related news outlets have reported that mortgages approvals have continued to rise for the fifth month in a row, drawing obvious parallels to the timing of the recent General Election. The precise figures have seen house purchase approvals rise from 42,020 in April to 42,530 in May, which reflects the highest level since March of last year.
Confidence has been slowly returning to the mortgage market for some time, but this sustained period of growth is perhaps the most significant symbol of the market’s recovery since the beginning of the economic crash.
Result of the General Election
May’s general election saw one of the most surprising results in recent years as the Conservatives secured a majority vote in what was expected to be a far more tightly contested election. All talk of a hung Parliament (which had previously appeared to be the most likely outcome) was abolished.
The support that the housing market has received from the Conservatives has certainly made a difference, and existing schemes such as the Help to Buy scheme have provided a welcome boost to the mortgage market. What is also becoming clearer to buyers is that attaining a mortgage is no longer the reserve of the more affluent areas of the population, but instead an achievable goal.
Can Growth Continue?
Continued mortgage growth is certainly an ideal for the economic success of the United Kingdom. It’s continued growth will depend upon the Conservatives’ support of the housing market being sustained. The early movements of the Conservative party suggest that they will keep supporting the mortgage market as it needs, which to The Mortgage Centres is a clear indicator of growth.
To discuss any of your mortgage needs with our expert team, get in touch with The Mortgage Centres today.