Following the UK Finance figures, Paul Hunt, Phoebus Software managing director, said “We are beginning to see something of a trend with the market waning in the past few months. However, recent reports show first-time buyer activity at a 14-month high and there are also growing signs that there is still a good amount of appetite with some estate agents reporting an increase in the number of properties coming to market.
“Nevertheless, to say we are heading into choppy waters is probably an understatement as the politics surrounding Brexit negotiations continue to cast doubt in people’s minds. However, with mortgage lenders having quotas to fill and targets to hit, we could see a raft of deals coming to market to tempt. As consumers turn to credit cards to fund their spending, the question will be whether, as we head towards Christmas, people choose property or the path of least resistance?”