Surging market sees mortgage choice boosted

THE UPSWING in housing market activity has let to a sharp rise in the number of mortgage products, with variety back up to 2008 levels.

There are now over 10,000 mortgage products available in the UK again, the first five-figure result seen for nearly five years, with a third more on offer than there were 12 months ago, according to new information from the Mortgage Advice Bureau (MAB) today.

Since 2009, the number of products available has nearly tripled.

The MAB also suggest that interest rates on two, three and five year fixed rate mortgages have all fallen by at least a percentage point since July last year, citing the effect of the Funding for Lending Scheme.

Sequence, the estate agency, also suggests today that the demand for rental properties is steaming ahead of supply, with more new tenancies in July than any month since 2002, after an 18 per cent rise in the last 12 months alone.

Stephen Nation, Sequence’s head of lettings, commented: “Levels of activity and growth across the rental market are unprecedented and showing no signs of slowing down”.