Mortgage market slowdown 'to be expected'
Homeowners have been told that the slowdown in the mortgage market is to be expected.
MyMortgageDirect explained that the industry is set to see peaks and troughs over the coming months - something that could encourage Brits to stay put and invest in a home improvement, such as a lean-to conservatory.
The Bank of England recently revealed that net lending on property rose by £0.3 billion in march, lower than the £1.8 billion increase in February and the six-month average of £1.5 billion.
Furthermore, the number of home loan approvals rose from 46,882 in February to 48,901 in March.
However, this was still below the previous six-month average of 54,201, which MyMortgageDirect director Catherine Hearnden said is only natural.
"In this sort of economy, you can't keep just showing increases in excess of each other all the time or we'll just go back to where we were before. It's going to be a very slow process," she said.
Posted by Cheryl Stevenson
Mortgage brokers expect market to improve
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