Hope Capital react to latest BoE figures
Jonathan Sealey (pictured) is chief executive of Hope Capital
According to the latest figures, remortgages and house purchases have slowed noticeably since the start of the year. However, despite the uncertainty around the snap general election which hit house buyer confidence (and the hung parliament certainly didn’t help), approvals for house purchase are broadly stable.
Activity in the remortgage market in May picked up slightly and was higher than in March and April. Going forward, due to increasing speculation around the possibility of a rise in interest rates, it is likely that many savvy borrowers will take full advantage of the competitive rates on offer now. If the markets feel that an increase in interest rates is on the horizon, which seems likely, the record low mortgage rates will not hang around for long, as rates will inevitably rise in anticipation.