Home owners are having a good day today. Not only did house prices rise unexpectedly in March, but the number of mortgage schemes that lenders are offering has also increased for the first time for eight months.
The total number of mortgage schemes increased by 13% in March as lenders become slightly more willing to provide funds to eager borrowers.
Tracker mortgage schemes increased the most, by a staggering 21%, whereas the number of variable rate schemes increased by 11%.
Perhaps the best news is that the number of schemes requesting lower loan to values (LTV) also grew in March.
Lower LTV requirements show that lenders are slightly more confident about the state of the housing market. Perhaps they think that property prices are starting to stabilise.
Now that Spring has arrived, perhaps we are seeing the first green shoots of a healing property market.
It’s too early to come over all spring like as far as house prices go, unless you are a potential buyer living in rented accommodation, but perhaps there is some room for optimism that house prices may not fall as much in the months to come.