The mortgage market in the UK after Brexit was announced has been shaky. With everyone not knowing how Brexit will turn out, they are weary of committing to huge financial obligations.
However, the UK mortgage market is starting to see potential buyers increase again. In May, a total of 121,464 mortgages were completed.
Total mortgage loans increased by £3.5 billion, which is the fastest pace in more than a year. Mortgage lending has increased 2.9 percent in the past year. The prediction for next years growth is 2 percent in 2017.
The slowdown in growth we can see come from the Brexit. The value of the Sterling dropping makes customers reluctant to purchase a house. This has very negatively affected the housing market in the UK.
The consumer credit card and personal loan debts have been on the rise as well. This is also causing worry from the Bank of England’s Financial Policy Committee as consumer credit continues to rise.
More regulations are going to be put in place to slow down the lending growth and another measure to be …