Mon 16 May 2022
With so much uncertainty in the property market, you would expect homebuyers would wait and see what happens next.
This doesn’t appear to be the case though and one leading mortgage search platform predicts a significant landmark will be reached soon, if it has not already been breached.
Buyers are searching for mortgages in the United Kingdom
Twenty7Tec says for March 2022, they were close to receiving one million searches for a mortgage. The April figures are not released yet, but the company wouldn’t be surprised if the one million mark was met in April of May 2022.
The March 2022 figures saw 942,492 searches for a home purchase mortgage and for re-mortgaging, there were 649,047 searches.
This is the largest figure recorded by the company. In comparison, March 2021 saw significant demand due to the stamp duty holiday, and even then, there were less than 900,000 searches for home buyer loans.
The increase in mortgage search volume rose by 14.64% between February and March of this year.
While the national market isn’t always representative of what is happening on a local level, there is considerable demand for homes in and around Huddersfield right now.
At ADM Residential, we are local housing market specialists, and our Huddersfield estate agent services connect buyers and vendors. If you would like guidance on how to buy a home, or you need assistance in making your home more appealing to buyers, we are perfectly placed to assist you. Contact us today to arrange a property valuation.
There is significant buyer demand in the market right now
Nathan Reilly, director of lender relationships at Twenty7Tec, says: “There's a lot of change happening in the mortgage market right now. Demand remains high for both purchase and remortgage mortgages, but inflation-driven interest rate changes are also influencing the volume of searches that we're seeing.”
Nathan Reilly also said; “Comparing March 2022 with the two prior Marches is very hard. March 2020 was the beginning of the UK's lockdown and we quickly went from the height of the market to the lows of the month afterwards. March 2021 was the stamp-duty-driven boom of last year. Nonetheless, March 2022 has exceeded both prior years for total mortgage searches and suitability documents created.”
With demand outstripping the supply of homes, this is an opportune moment to place your property on the market. If you want the best standard of help and guidance in the Huddersfield housing market, we are more than happy to assist you.
Contact ADM Residential to sell your Huddersfield home
Anyone who is keen to sell their home in Huddersfield should contact ADM Residential today. We are more than happy to provide you with a property valuation, which is the ideal starting point for anyone looking to enter the Huddersfield housing market with confidence.
This is a busy time of year in the local and national housing market, but we look forward to assisting you. Call on your leading Huddersfield estate agents today for help and guidance in the local market.
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