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|Comment on today's CML trends in lending|
|Monday, 18 July 2016|
Richard Pike, Phoebus Software sales and marketing director, says “Looking back at the lending figures for May shows that, as we headed towards the EU referendum, the housing market was overall healthier than it was a year ago. Remortgage activity showed healthy increases on 2015 as borrowers continue to take advantage of low rates. Whilst the number of first time buyers entering the market increased especially, which seems to show that the Chancellor’s plans were starting to bear fruit. However, as we turn the corner into a more unsettled period it is anyone’s guess how the market will fare in the second half of the year. Construction, which was showing positive signs before the vote to leave the EU is likely to be affected as the pound weakens, which could have a more long term effect on the amount of affordable housing coming onto the market. Effectively putting a lid on further growth within the FTB sphere.
“There is also speculation regarding house prices, will they fall? Or will oversees investors, seeing the opportunity of more bang for their buck, increase demand and push prices up further? As always only time will tell, but we are certainly in for an changeable few months, especially given the political events of the past two weeks. What we need is stability, so it will be very interesting to see how the Bank of England plans to help steady the ship”
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