AS HOUSING markets in the UK begin to heat up, Mortgage Advice Bureau (MAB) has revealed that July was the busiest month in the brokerage’s 13-year history.
MAB announced that there had been an 82 per cent increase in mortgage business between July 2012 and last month, with July this year seeing £554.7m worth of applications for property loans. The group will likely surpass their 2012 level of business soon, only eight months into the year.
The mortgage brokers credited the government’s controversial new Help to Buy scheme with the surging activity in the property market.
MAB’s chief executive, Peter Brodnicki commented: “Newfound momentum in the mortgage arena is visibly attracting more borrowers, helped by government initiatives including the Funding for Lending Scheme and Help to Buy”.
Earlier this week, data from the Office for National Statistics revealed that prices in London rose 8.1 per cent in the year to June.
Similarly, the Royal Institute of Chartered Surveyors suggested that this July saw the fastest rise in house prices recorded for a single month since 2006.