Online mortgage broker Habito has reported that online searches for UK mortgages increased by 113% the weekend after the General Election, compared to the weekend before.
Google searches for the term ‘mortgage calculator’ were also up a massive 225% over the same period, indicating people’s renewed interest in purchasing property now there’s more certainty in the market.
Daniel Hegarty, CEO of online mortgage broker, Habito said: “We’ve seen a marked jump in both Google searches and our own website traffic since the result of the election, across all buyer types; first-timers, next-time movers and buy-to-let landlords.”
Back in November, Habito asked customers how they felt about their personal finances; more than a third (36%) said that they felt less positively than compared with six months prior. It seems the outcome of the election has buoyed buyers into action and suggests that the Conservative win has boosted consumer confidence in the housing market.
Sellers expected to reappear
Rightmove’s most recent report showed the property market has seen the biggest fall in the number of homes being put up for sale since the 2008 financial crisis, as sellers stalled in the face of election uncertainty. However, it’s predicted that the new year could see this change as sellers that were holding back due to political uncertainty get ready to move forward.
Andrew Montlake, of mortgage broker Coreco, said: ‘‘This decisive general election result could deliver a massive adrenaline shot into the UK property market. Expect a sharp uplift in transaction levels starting early in 2020, as buyers and sellers who have played it safe put their plans into motion.”
Mortgage lenders are continuing to reduce many of their rates to keep up with growing competition. For buy-to-let landlords looking to invest in a new property, along with the positive outlook for the housing market, now is a good time to secure a low mortgage rate. Homeowners are also being urged to remortgage as soon as possible to take advantage of the best rates.