Housing market activity has rebounded significantly in the past two months, research from online mortgage broker Trussle has found.
In that time there’s been an 182% increase in first-time buyer mortgage applications, as well as 176% increase in next-time buyer applications, compared to the previous two months.
First-time buyers are being hit the hardest due to the lack of high LTV deals, as the volume being disqualified for this reason is seven times higher.
Miles Robinson, head of mortgages at online mortgage broker Trussle, said: “Like many other industries, the mortgage market is undoubtedly in a state of flux, with house prices fluctuating and lenders pulling mortgage products.
“But, the more positive news is we’re beginning to see some green shoots. House buying has for decades been a sign of economic recovery and we believe this situation is no different. Estate Agents are recording a real surge in demand for houses. Similarly record interest rates mean there are some great deals for those who are in the right position.
“However, we still need to tread carefully. The stamp duty holiday will undoubtedly add a much needed boost for those who are looking and able to buy. Over time, we hope to see lenders add a wider variety of products to the market to make homeownership more accessible.
“Any current or aspiring homeowners who are concerned about the impact of coronavirus and what it might mean for their mortgage, should seek professional advice from a broker to discuss the options available to them.”
This post has originally been featured in Property Wire.