The end of September brought with it some positive news for sellers. In a further sign of the burgeoning strength of the housing market, data released by the Bank of England revealed that mortgage lending rose in August by the largest amount since 2008 (before the global financial crisis took hold).
The Bank of England’s findings showed that lenders approved the largest number of mortgages in more than a year and a half, with mortgage approvals for house purchases hitting 71,030 in August, up from 69,010 in July. The number of mortgage approvals in August surpassed the expectations of City analysts.
When the Mortgage Market Review (MMR) was first introduced in April 2014, there were fears that the extra regulation and extra checks would seriously hamper the process of acquiring a mortgage. People, put off by the amount of information they would have to provide when seeking a mortgage, would think twice about buying if they saw the procedure as too long-winded. However, while there was an extended period of acclimatisation to the new measures, it now appears that the mortgage market has cast off these shackles and has successfully adapted to the new way of doing things.
August saw the third successive month-on-month rise in house purchase mortgage approvals, which suggests that the market is only going to get stronger as we enter Q4.
All of this is good news for sellers, of course. More mortgages being approved means that more buyers are coming to the market, confident that their chances of acquiring a mortgage are much higher than they were even a year ago. As a seller, you will have a larger pool of buyers to target your property towards, in turn making the chances of achieving your asking price or above much greater.
It is also to the seller’s benefit that mortgages are being approved more quickly. Frustrating delays, hesitation and awkward stumbling blocks should no longer be as commonplace.
At Tepilo our main aim is to make the whole process of selling a house as easy and stress-free as possible. We place great importance on our award-winning customer service – so much so, we provide you with your very own sales managers when you upload your property to our website. They will be with you every step of the way, there to offer advice, tips and reassurance. In addition, we offer a 24/7 phone service, where our knowledgeable and experienced advisers will be on hand to answer any questions you might have.
We can also arrange viewings – at a time that is suitable for both you and the buyer – to take away the strain of this sometimes stressful task. Knowing that the organisation of the viewings is in safe hands will give you plenty of time to prepare for the viewing itself, rehearsing that friendly and warm sales pitch and making sure your home looks as attractive as possible.
If you would like to get in contact with us, please call 0844 3878377 or 01702 870878. For a free online valuation, check out our easy to use tool.