Gumersalls Solicitors Epsom News

A growing number of people could be looking for property solicitors in Surrey given that the UK’s housing market seems to be gaining a bit more momentum than it has in recent months.

The latest figures from the Bank of England show that mortgage lending in the country increased by almost five per cent between March and April this year, Mortgage Strategy reported. This comes after a 24 per cent increase in mortgage lending that was reported in March, after what’s been described as a “weak” February.

That means total mortgage lending in the country hit £4.3 billion in April, up from the £4.1 billion recorded in March.

Danny Belton, head of lender relationships at Legal & General Mortgage Club, said that there are “many signs of strength” within the UK’s mortgage market.

“The average two-year fixed rate at 95 per cent LTV has fallen to 3.25 per cent in the last five years, giving first-time buyers a much-needed helping hand onto the ladder,” he told the publication.

Bloomberg suggested that the uptick in mortgage lending activity was as a result of the delay to Brexit, which would account for the weak February ahead of the initial Brexit deadline of 29 March 2019.

Knowing that mortgage interest rates are so low could help some first-time buyers feel a little less stressed about buying a home. Research by Habito last month revealed that the majority of first-time buyers in the UK are worried about purchasing their first home.

The overall cost of buying a home was the top concern, followed by a lack of certainty over how long the process will take and the lack of guarantees that a purchase will go through even after an offer has been accepted.