SALES NEWS: Mortgage market defies expectations by improving since Brexit
Fears that the Brexit vote three months ago would stifle the housing market have not come true with a 13 per cent increase in the number of mortgages available.
The number of mortgage products is seen as a key barometer as to the health of the housing market, and research by the consumer body Which? shows that there were 4,736 different mortgage products available on referendum day, June 23.
Yet by the start of October, despite the surprise referendum result, there were 5,366 different mortgage products on the market.
The average interest rate on offer fell from 2.99 per cent in June to 2.85 per cent at the end of last month – another unexpectedly good sign, says Which?
During the same three-month period there were also increases in 95 per cent and 80 per cent mortgages – the types most popular with first time buyers.