UK Mortgage Market Activity Resumed – Connells

The latest report by Connells, entitled "Survey and Valuation" suggests that UK mortgage market is reviving despite all the speculations.

As such, the amount of mortgage valuations increased by 22%. Of these, many account for valuations made for first-time buyers; the figure increased by 26% since 2010. In fact, first-time buyers currently constitute 34% of all mortgage borrowers in the UK.

In the opinion of Connells experts, such market activity is due to the easing of lenders' criteria. In the past months, many British banks cut mortgage interest rates and offered better LTV ratios. For instance, Northern Rock launched 90% LTV deals, while Barclays, Nationwide and Co-operative Bank reduced rates to 2.98%, 3.49% and 2.69% respectively.

Commenting on the findings, Mr. Colin Dorman of Connells, said that "housing market activity has resumed its slow and steady upward trajectory." He is determined that "Many first time buyers have been encouraged to enter the market by the uptick in the number of higher LTV products available recently."