The start of the year can be a slow time for many people. Even though there will be a lot of people who make promises to change their life around and follow their resolutions, the reality of the month is laid bare with testing financial ties. Therefore, the news that the number of mortgage approvals for homebuyers in the UK rose in January of 2018 is pleasing.
It doesn’t always follow that an increase in mortgage approvals leads to an increase in property purchases, but there is obviously a link. For many people, obtaining a mortgage is the most difficult part of the property buying process, so if people’s applications are being approved, it is likely to be a positive thing for the company. Figures provided by UK Finance said that there was a total of 40,117 approvals for property purchases. The December 2017 figure was 36,085 and this was the lowest figure since April of 2013.
People are looking for optimistic signs surrounding the property market
There have been many different predictions for the UK property market but there is no denying that a lot of specialists believe that 2018 is going to be a trying year. Therefore, anything which suggests that things are going well or provide a positive slant to figures is likely to be acknowledged. There is a need to provide people with confidence in the property market, and this is the sort of news that helps to counterbalance some of the more negative aspects of the property market. There is no denying that there are many challenges to overcome when buying property but if the volume of mortgage approvals is on the up, there needs to be some level of optimism or happiness about what is coming next.
Although we are Stockport property specialists at Spencer Harvey, we take great interest in the UK market. What is happening at a national level is often seen on the local market. In many ways, the Stockport market has been operating at a stronger level than large parts of the country and there is the fact that people can see Stockport change and evolve in front of them. This is always good when it comes to improving morale and optimism surrounding the property situation. If you are looking for guidance on how to take your next step, get in touch with Spencer Harvey.
We’re excited to see the changes that will occur in the local area. If you would like to talk more about Stockport property options, you will find that we are the local experts you can rely on. You can give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html