Mortgage advisor UK - Lending Falls in April

With the end of the Stamp Duty Concession in March, the following month mortgage lending slumped.

London, United Kingdom (prHWY.com) July 28, 2012 - With the end of the Stamp Duty Concession in March, the following month mortgage lending slumped.

The Council of Mortgage Lenders (CML) has released figures showing that the number of homebuyer loans dropped by 30% in April, with the biggest fall among first time buyers. The CML believes the figures will not rise again any time soon due to the end of stamp duty concession combined with economic uncertainty.

Until March 2012, there had been a two-year concession which meant that for properties worth between £125,000 and £250,000 they did not have to pay 1% Stamp Duty. In the run up to March 2012, many buyers took advantage of this tax concession, but sales slumped as soon as it ended.

Richard Alton, Mortgage Advisor UK and Director of Alton Mortgages, says:

"Like any sales, people like a bargain and the thought of saving a significant amount of money was too good to turn down. We dealt with many first-time buyers during this period and we delivered to make sure they beat the tax so it was only natural that the figures for the following month were lower as many purchases had been rushed through in the previous month.

"Whilst the housing market is unlikely to recover now is also a time to start to save for a deposit and to buy a property whilst the market is sluggish, once prices pick up I believe that the prices will go up quickly BUT this is a while off. Why do I think this? It is down to simple economics supply and demand.

"I agree with the CML that the market is unlikely to recover soon but also now is also a golden chance to buy a property at a lower price than in 2008, with a lower rate mortgage than in 20. Welcome to the bank of mum and dad."

About Alton Mortgages

Alton Mortgages is an established Whole of Market Mortgage Broker and Mortgage Advisor UK is based in Maidenhead, Berkshire. Established in 2005, customer service is at the heart of what they do, and they recognize that clients are individuals with very unique requirements. Alton Mortgages also offers advice on Insurance policies, whether this is for Life Cover, Critical Illness, Income Protection or Buildings & Insurance.

http://www.altonmortgages.co.uk

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Holley Samuel is a business writer for business clients throughout the UK. For enquiries email Holley at holley@digitalcascade.com or visit http://www.digitalcascade.com.

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