While the festive period is a time for fun with family and friends, it is often a time when people take stock of what has happened over the year, and what they want to see happen in the following year. For many households, it is also an opportunity to spend some time away from work, and map out what they want to do next.
When you also consider a lot of households will have guests to their home during the festive period, a home can start to feel a bit small, so it is natural for some people to look at their options for moving home.
One issue that needs to be considered is that over Christmas 2022, it looks as though some mortgage lenders are going to offer fewer mortgage products to willing home buyers.
A fall in mortgage products will hamper buyers
A study by Octane Capital indicates there is a 41% drop in the number of mortgage products on the market compared to this time last year. When it comes to arranging a mortgage, it is helpful to have as many options at your disposal, so this is bad news for many willing homebuyers.
You also tend to find that it is mortgage products which were better suited to people who require most help and assistance in the market that drop off, which in turn squeezes the market even further.
Get help from property market experts
We know this is a challenging time, but whatever move you like to make in the market, we are here to assist you, so contact Anthony Jones Properties.
Jonathan Samuels, CEO of Octane Capital, commented: “Much has been made about the reduction in available mortgage products in the last month or so and a high degree of market uncertainty has spurred many lenders to reduce their range until such time that the fog has lifted. As a result, there continues to be substantially less choice for the nation’s homebuyers who may be searching the market this Christmas. However, the shelves aren’t as barren as the figures may suggest and there remain a good deal more products currently available when compared to 2020.”
Jonathan Samuels also said; “At the same time, those lenders who have reduced their range have largely done so with a strategic reset in mind. Now that rates have started to once again reduce and confidence is returning to the sector, we can expect an uplift in product availability come the new year. So for those who aren’t able to find the right mortgage this side of Christmas, it’s worth sitting tight for a few more weeks, as chances are, you’ll have better luck in January.”
Contact Anthony Jones for all Wynyard property matters
If you are looking for help with any matter of the Wynyard property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.
