Data from the Mortgage Advice Bureau revealed that Britain’s housing market remained steady throughout April despite the upcoming snap election in June and Brexit uncertainty.
During April, the average selling price across the country saw an increase of 2% whilst the typical purchase loan size went up by the same amount.
Remortgaging saw a minimal increase throughout the month of 0.6% and the average purchase price for first-time buyers remained almost unchanged on the month before.
Brian Murphy, head of Lending for Mortgage advice Bureau, said: “Given that the timescales for the 2017 General Election are so short, the impact of this in most areas of the UK in terms of affecting the decision or not to purchase are negligible; for those who are already in the buying or selling cycle, it’s unlikely to affect their decision, and discretionary buyers – who are normally the most affected by economic or political events – make up a smaller than usual element of the current market, therefore while there will be some who decide to hold off until after 8 June to proceed, the majority of consumers are carrying on as normal.”
At the same time, April also marked the fourth month in a row where the proportion of small deposit buyers has risen, the latest mortgage monitor from Esurv stated.
Overall, April was the first month that saw a growth in mortgages since November 2016, the data continues.
Richard Sexton, director of Esurv, said:
“April was a positive month for the UK mortgage industry with the overall size of the market growing on a monthly basis for the first time since November 2016.”