The dip in gross mortgage lending seen in April came as no surprise, it has been suggested.
Ben Wilkie, editor at What Mortgage – which is aimed at would-be homebuyers – noted the tumble was somewhat expected, especially given the fact March was a very busy month for movement of this type.
Mr Wilkie explained the third month of the year saw the ending of the stamp duty holiday, adding: “I think lots of people were working to save up a deposit and have decided that [it] is now sensible to hold off until they find the exact property that they want.”
His comments came in response to new findings from the Council of Mortgage Lenders, which showed home loan activity fell to around £10.2 billion in April, dropping 19 per cent from the £12.6 billion seen in March.
The expert pointed out the buoyancy of the market varies when looked at in comparison to different time periods.
He stated the sector might be viewed as relatively active if judged against that seen a few years ago, yet not so much when held up to the figures experienced around half-a-decade ago.
