Redstones Residential Sales

Property market buoyant as lending booms

In 2016, mortgage lending hit its highest level in 8 years, which can mainly be attributed to low interest rates.

Proving that the property market remains buoyant, the Council of Mortgage Lenders has confirmed that with a lending total of £246m last year, lending has increased by 12% on the total amount lent in 2015. Mortgage approvals for both purchasing property and re-mortgaging rose in December 2016, showing that this trend is likely to continue into 2017. In fact, since 2008, remortgaging has grown year on year by 30%.

Therefore, despite Brexit and higher stamp duty for buy to let investors, many people have clearly been taking advantage of low interest rates to move up the property ladder. However, despite banks being keen to do business, in some areas, there is an ongoing shortage of properties on the market nationally and house price growth is expected to slow.

Manjit Virdi, Managing Director of Redstones explains, “We’ve got off to a very busy start in 2017 across the board, in terms of both property sales and lettings. We have a very high quality supply of properties right now too.”

He continues, “The positive situation with mortgage lending means that this could be the ideal time to buy your first home, move up the property ladder or continue expanding an existing property portfolio. We’re finding that for many people, it makes sense to start the new year by strengthening property investments.”

We offer innovative services in both sales and lettings such as Switch Agent and Redstones Platinum Total Care, which are very popular with our landlords.

Find out more about the great service Redstones has to offer.

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