THE MORTGAGE market slowed in the run up to General Election, according to figures released yesterday by the Council for Mortgage Lenders.
London house purchase lending totalled £2.4bn in the first three months of the year, a drop of 16 per cent compared with the final three months of 2014.
Housing market experts expect an immediate rebound, given the greater level of political certainty.
“The usual furious flow of mortgage lending was interrupted in the first three months of this year, as it calmed down from the heady heights of 2014, and the General Election loomed,” said Peter Rollings, chief executive of estate agents Marsh & Parsons.
“But cheaper mortgage rates are now making waves in the market, and with the wealth of products now available, we can expect this to ripple out into a stronger summer of lending.”
Rollings earlier this week told City A.M. that certain parts of London had seen a sharp rebound in activity in the higher end market, with figures from getagent.co.uk confirming that property listings had shot up after the General Election.