Potential property buyers 'waiting for the perfect mortgage'
23rd May 2012
Many prospective homeowners are currently holding out until they find the perfect mortgage to suit them, one expert on the subject has observed.
Ben Wilkie, editor at the advice site What Mortgage, noted that gross mortgage lending fell slightly after the end of the stamp duty holiday in March, and said this is "not surprising".
He explained that many people were working to save up a deposit and decided that it is now sensible to hold off until they find the exact property they want or the exact mortgage they want.
Figures from the Council of Mortgage Lenders showed that gross mortgage lending declined to an estimated £10.2 billion in April, which was down 19 per cent on the £12.6 billion from March but two per cent higher than the total of £10 billion in April 2011.
"It is not surprising that there was a big drop compared to March because March was a very busy month comparatively," Mr Wilkie added.
He said that, when compared to the mortgage market of a couple of years ago, the current market is "relatively buoyant" and said this may be set to continue in the weeks and months ahead.
Posted by Staff Writer: Frances McDonald
© Zoopla Property Group Limited