{"id":4076,"date":"2025-05-21T09:05:13","date_gmt":"2025-05-21T07:05:13","guid":{"rendered":"https:\/\/pfadvisors.co.uk\/?p=4076"},"modified":"2025-05-19T17:14:08","modified_gmt":"2025-05-19T15:14:08","slug":"uk-mortgage-market-strengthens","status":"publish","type":"post","link":"https:\/\/pfadvisors.co.uk\/en\/uk-mortgage-market-strengthens\/","title":{"rendered":"UK mortgage market strengthens"},"content":{"rendered":"<p><a href=\"https:\/\/pfadvisors.co.uk\/en\/mortgages\/first-time-buyers\/\">First-time buyers<\/a> and home movers gave the UK mortgage market a much-needed lift towards the end of 2024, according to UK Finance\u2077.<\/p>\n<ul>\n<li>Home purchases reached 622,000 in 2024, up 15.6% on the previous year<\/li>\n<li>Lower mortgage rates boosted demand, particularly in the fourth quarter, as buyers sought to complete before April\u2019s Stamp Duty changes<\/li>\n<\/ul>\n<p>However, remortgage activity fell by 9% to 1.6 million, as fewer fixed-rate deals came to an end. That trend could reverse in 2025, with 1.8 million mortgages due to expire.<\/p>\n<p>Most borrowers remortgage with their current lender, though UK Finance expects more to switch providers this year.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Mortgage regulations under review<\/strong><\/p>\n<p>High house prices and tight lending criteria have made it challenging for buyers, especially in London. Since stricter rules were introduced in 2014:<\/p>\n<ul>\n<li>Getting a mortgage above 4.5 times salary has become more difficult<\/li>\n<li>First-time buyers in London now need deposits worth more than 2.5 times their annual income (up from 1.9 times pre-2014)<\/li>\n<\/ul>\n<p>Eric Leenders of UK Finance welcomed plans for the Financial Conduct Authority to simplify mortgage lending and advice rules:<\/p>\n<p>\u201cThe strong end to 2024 highlights the resilience of UK households. But affordability remains a challenge, particularly in London. The upcoming regulatory review could ease lending restrictions and help more people onto and up the housing ladder.\u201d<\/p>\n<p>\u2077UK Finance, 2025<\/p>\n<p><a href=\"https:\/\/www.facebook.com\/prestigefa\/\" target=\"_blank\" rel=\"noopener nofollow\">Like us on Facebook!<\/a><br data-start=\"60\" data-end=\"63\" \/><a href=\"https:\/\/www.reviews.co.uk\/company-reviews\/store\/pfadvisors-co-uk\" target=\"_blank\" rel=\"noopener nofollow\">You can find reviews of our company &gt;&gt;Here&gt;&gt;<\/a><\/p>\n<p>\ud83d\udea8 Data accurate as of the date of publication \u201321.05.2025<\/p>\n<p>\ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n<p>&nbsp;<\/p>\n<p>Source: Quilter Financial Planning \u2013 Essentially Mortgages Q2 2025<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First-time buyers and home movers gave the UK mortgage market a much-needed lift towards the end of 2024, according to UK Finance\u2077. Home purchases reached 622,000 in 2024, up 15.6% on the previous year Lower mortgage rates boosted demand, particularly in the fourth quarter, as buyers sought to complete before April\u2019s Stamp Duty changes However, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4061,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-4076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UK mortgage market strengthens - Prestige Financial Advisers<\/title>\n<meta name=\"description\" content=\"Get the latest updates on the UK mortgage market. 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