“The quarter on quarter increases in activity in all sectors of the market for Q3 shows the mortgage market is on a steadier footing after the initial uncertainty caused by the EU referendum vote. However, while mortgage affordability may be at a historic low, house price rises in the market are still outstripping wage inflation, exacerbating the issues faced by first-time buyers trying to get on the ladder.
“Recent monthly data has been volatile, with the 19% fall in first-time buyers borrowing in July followed by the 13% increase in August. This has obscured the 8% quarterly increase in first-time buyers borrowing on Q2, and the referendum vote has had little impact on the demand for housing. Our own research found only 5% of respondents listed mortgage affordability as a primary concern, and until housing stock becomes more balanced with surging demand, we are likely to see increasing competition for properties for those looking to make their first purchase.”
For further information, journalists can contact:
Rachael Snelling, Aldermore
Phone: 0208 1853 102
Johnathan Priestley, Cicero Group
Phone: 0207 297 5954
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