At the end of November, the Bank of England revealed in their Money & Credit Update for October that net mortgage borrowing had fallen from £5.9 billion in September to £4 billion in October, the lowest level since November 2021.
Whilst a decline in house purchases may appear concerning, future homeowners should remember that it is not all doom and gloom for the housing market. The UK mortgage market has shown its robustness in recent months, and there is room for optimism moving into the new year.
We spoke to Conor Murphy, CEO of Smartr365, who commented:
“This morning’s numbers are indicative of the volatility we have recently been experiencing in the market – in the case of October, intensified by the impact of the ‘mini budget’ announced the previous month.
“The more recent Autumn Statement has substantially eased pressure on markets.
“Overall, the numbers remain robust and are a testament to the mortgage sector’s ongoing resilience. Key to maintaining this will continue to be instilling homebuyers with a sense of confidence – which the stamp duty cuts have gone some way to doing.
“Meanwhile, brokers play a fundamental role in helping homebuyers to navigate these unprecedented market conditions – which is undoubtedly a challenging task.
“Harnessing the power of technology to provide a seamless end-to-end mortgage journey can help take administrative pressures off brokers, allowing them to focus on giving advice whilst securing products and rates quickly before markets move again, all in all providing homebuyers with an optimal experience.”
To let tech take the burden of your admin as we head into the new year, book your Smartr365 demo today.