According to the Council of Mortgage Lenders the number of first time house buyers fell by 30% in February. Confidence in the market and affordability seemed to be the main reasons for the fall.
Apparently, more than half of the lending during the month was made up from re-mortgages with people taking advantage of low interest rates. Michael Coogan, director of The Council of Mortgage Lenders said, "While worries about ware are bound to impact on short term consumer confidence, it is difficult to factor in their potential long term impact on the housing market".
He also went on to say, "It continues to seem very likely that the market will return to a period of lower and more sustainable growth during the course of the year".
Our View
Many lenders are scrapping their lowest fixed rates, indicating a possible interest rate rise. Get them whilst you can over the short term.
Try our Mortgage Sourcing Service in Mortgage Crazy.com.
Learn more about mortgages in Mortgage Crazy.com.
Search the news archive for related stories on mortgages and property.