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Mortgage Approvals Hit Four Year High

Estate Agents irrespective of where they are in the Country should be prepared for a busy few months according to the date released by the Bank Of England. The Bank Of England confirmed that the amount mortgage approvals related to house purchases have hit a four year high. If this is correct it is obviously illustrating the amount of house buyers looking to purchase a new home is on the rise.

It has been well documented that pre-election and pre-Brexit there was so much uncertainty in people’s mindsets. People felt both their lives and the Country were at a crossroads and because of this were not willing to commit to buying a new property.

Christian Armitage Managing Director of the online estate agent FastMove recently commented. ‘Towards the end of November and throughout the whole of December the market was really slow. Everything was down

  1. The amount of instructions
  2. The amount of viewings
  3. The amount of offers
  4. The amount of sales agreed

He goes onto say

‘Granted the industry is generally slow that time of year. However, this year was extra slow and there is no doubt this was down to the two main elements of the election and Brexit.  Since Borris Johnsons landslide win at the election and the closure on Brexit final looming there is no doubt people a lot more motivated to look for a new home.’

With the market getting stronger house buyers will soon beware of future house price rises and therefore will look to make the move probably faster than they first thought before the market moves against them.

As well as looking to secure their new home people are also looking at securing the best long-term fix rate to take full advantage of the low interest rates been offered.

However, the question we all need to answer is how long will the ‘Borris bounce back’ last? There is no doubt there is a lot of confidence and positivity about the housing market at the moment. However, this could fade very fast if trade negotiations re Brexit don’t go to plan.

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