Now that we are in April, with spring blooming all around us, it is fair to say the housing market is moving into a busy time of year. Of course, the housing market has been busy throughout 2022 so far.
At Williams of Petersfield, we know the local housing market well, and we stay in touch with what is happening nationally.
This ensures you get all the information you need to make an informed decision.
Mortgage searches are on the up
The 2022 property market got off to a flying start with mortgage search volumes by advisers increasing by close to 80%. This is according to information provided by the Legal & General Mortgage Club.
In comparison to the December 2021 figures, the January 2022 numbers rose by 91%. There was also a significant increase in searches on behalf of first-time landlords, which rose by 63%.
The information also suggests The Bank of Mum and Dad was a huge supporter for these buyers in January. Searches for people with gifted deposits increased by 88% in January 2022. There was an increase in the searches for landlords with gifted equity by 82%.
Challenges in the mortgage market
We know there are many financial challenges these days, and the January findings suggest a lot of people are looking to take better control of their finances:
- There was an increase of 157% in searches for lenders willing to accept applicants with an unsatisfied default
- There was an increase of 77% in searches for applicants with unsecured arrears
- For applicants with missed mortgage payments, there was an increase in 90% of searches
- There was a rise of 134% for applicants with a debt management plan
- Searches for interest-only mortgages increased by 85%
Kevin Roberts, director, Legal & General Mortgage Club, comments: “There is still healthy demand in the mortgage market, but there are also signs that the cost-of-living squeeze is beginning to drive some borrowers to remortgage or find alternative mortgage solutions that help them better manage their finances. Advisers will have a critical role to play in helping many of these borrowers to secure a new fixed-rate mortgage or find a lender that is willing to support those with more complex circumstances. When advisers are dealing with these volumes, or with a case that doesn’t quite fit lender criteria, the role of technology cannot be overstated. Automating processes such as administrative tasks can give advisers back time to focus on helping borrowers secure the right mortgage for their needs. Our research tools continue to be an ally to intermediaries, and we remain committed to helping support brokers through new tech where we best can.”
Contact Williams of Petersfield for all your 2022 housing market needs
At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.