The holiday has finished, that’s the Christmas Holiday and the stamp duty Holiday and it looks like every body has the post holiday blues. Well at least first time buyers, it is the first time buyers and mortgagees that are the key to stimulating the UK housing market but it seems now the holiday is over they have other things on their minds.
The Council of mortgage lenders figures are showing an incredible fall in the number of new mortgages their figures find that new mortgage lending has fallen by 49%. This figure brings back memories of the end of the mortgage tax relief of the late 90’s when the UK housing market ramped up before it was removed and came down once it had been revoked. With slightly improving loan to value ratios there will come a time when the mortgage market balances with the property market. The cash rich property investors and developers who have been quietly buying up land, property, land options and deals will be in a very envious position.