According to Greycoat specialists, the UK’s property market is set to bounce back this year. Advisers are positive the UK mortgage market will take a big leap. Improved credit conditions, increased housing availability, and mortgage uptake among buyers in recent months indicate a growth in the market.
This growth has been dormant following the 2020 lockdown. In a recent event, a survey of TMA Club and their mortgage brokers predicted higher mortgage lending rates in 2024. As Greycoat instills, eighty percent of the respondents believe the gross mortgage lending will increase this year.
One in five of the participants see the gross mortgage lending reaching over £251bn. A further three in five of the respondents predict the gross mortgage lending will cross about £220bn to £250bn in 2024. Greycoat adds that the Bank of England and its Governor Andrew Bailey expects a base rate cut later in the year as a result of these growth signs in the market.
The Real Estate Agency, one of the leading UK real estate companies, confirms the market conditions reflected in the TMA Club survey are already evident in the UK housing market. For instance, the reliable Greycoat real estate agency adds, the United Kingdom property market recently registered an improvement in credit conditions.
More lenders continue to expedite the approval of funds for projects aimed at meeting the demands of the buyers. There has also been a surge in the number of mortgage properties, and mortgage applications are being approved quickly. These market conditions mean that the UK’s property market is getting better every day, Greycoat finally states. They believe that more activities should be anticipated in the coming months.