Mortgage market returns to pre-pandemic position, marking end of historic sales curve

The rate of UK house price inflation has fallen once again, according to Rightmove’s April House Price Index, which noted that the average price of property coming to market rose by just 0.2% (+£890) from March to April. This is significantly below the average of +1.2% for mid-spring. The number of sales agreed also recovered to a level last seen in spring 2019, marking the end of the frenzied pandemic sales curve, which stoked house prices by ~15% in the year to summer 2022.

Conor Murphy, CEO and Founder of Smartr365 said “Though UK house prices have seen a correction, valuations are still largely above pre-pandemic levels thanks to enduring strong demand from both domestic and international buyers.Nonetheless, many first-time buyers will be encouraged by today’s news, which suggests prices are becoming more affordable, and considering whether now is the right time to snap up a bargain starter home.

“With many prospective buyers encouraged by this latest price correction, it is especially important that mortgage brokers provide a transparent, efficient, and digital-led mortgage journey. Streamlining admin, lead flow, and product sourcing through mortgage technology tools will be vital to those looking to help as many customers as possible during this busy period. At the same time, these tools also provide amore transparent and efficient journey for the borrower, improving customer satisfaction and retention.”

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