An end to boom and bust? | Blog
One of my daughter’s friends has just bought a house, the first of her peer group to enter the property market. Is this a sign that the housing market is on the up? This is definitely a QTWTAIN (Question To Which The Answer Is No), but there are some indications of a thaw in the mortgage freeze of the last four years.
Almost 9,000 mortgage products were either brought to the market or updated between April and June of this year, according to data provided by Defaqto. This included 414 new mortgages, whilst 600 products were removed, but, significantly, 100 buy-to-let mortgages were introduced and only 66 removed. Compare this to the period between 2007 and April 2009 when the number of mortgage products plummeted from 15,600 to 1,542 as the financial crisis hit home. Over the past four years banks have been frantically rebuilding their shattered balance sheets and it seems the tide has turned with new products coming forward and dividends being paid out.
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