Misery for Mortgage Approvals

According to the Bank of England’s latest figures, mortgage approvals dropped across Britain to a seven-month low during the month of September.

There were 42,581 mortgages approved in the month of August compared with 37,352 mortgage approvals last month.  This is the lowest number of approved mortgages since February 2018 and a year on year comparison shows a 10% drop compared with September 2017 mortgage approvals.

In August 2018 the gross mortgage lending figure was £21.5 billion dropping by £3 billion just one month later in September 2018. The number of homeowners looking to remortgage their properties also dropped in September to a figure of 27,676 compared with August which was one of the busiest months for remortgages due to many homeowners wanting to secure the lower interest rate figures before the rise by the Bank of England.

Could the decline in mortgage approvals have been caused by the interest rate rise in August from 0.5% to 0.75%? Perhaps it is just another pot hole along a very bump road as the property market has been gradually slowing ever since the vote to leave the European Union was announced.

The bad news doesn’t end there. According to Zoopla, 2 out of 5 homeowners who have their house on the market have reduced their properties asking price by an average of £26,000! If you are considering reducing the asking price of your property in order to sell as soon as possible, please contact OK Property first before picking up the telephone to your estate agent.

It doesn’t matter what your situation is, OK Property will buy your property and complete a sale in a matter of weeks, saving you time and money on estate agents fees. OK Property also pay for your legal costs so long as you are happy to use our chosen solicitors which means that you can sell your home quickly without paying thousands in professional fees.

Perhaps you have already reduced the price of your property but have had little further interest? If this is the case, it is not too late to speak to one of our professional property advisors who will provide you with honest, reliable advice with the upmost professionalism.

It is in our interest to complete a sale in the quickest possible time frame so please, contact OK Property today for a free, no obligation valuation and to find out what we can do to help you sell your home fast.