Further to my previous blog I can confirm that activity levels in March continue to soar. This is very much driven by the desire for property investors to complete their deals, either purchase or transfer, prior to the end of the month and the introduction of the 3% surcharge.
I still have doubts about whether this activity level will continue into April but I am pleased to report that there is a definite increase in the number of properties coming on the market and I will confirm figures to you in more detail at the start of April.
I was also very interested to see a report from the CML advising that gross mortgage lending in February hit its highest level since 2008. Also this figure was 30% higher than the corresponding February in 2015. The CML’s view is that this activity is being driven by low mortgage rates, an increasing appetite in business from lenders and also the stamp duty changes that come into force on 1 April 2016. It will be very interesting to see the levels in April and May how they compare to the year on year months. I will keep you advised of trends.
Partner – Head of Property