In its latest National Mortgage Index, Brian Murphy, head of lending at the firm, noted that demand from buyers has “remained consistent”, though pointed out that with so few properties available buyers are taking longer to find what they are looking for.
He continued: “While this trend continues, although it may not be great news for estate agents who were relying on a seasonal Spring surge to boost their income, it does at least suggest consumer confidence in property is still evident, which in the longer term is not the worst place for the UK property market to find itself in.”
The report noted that the combination of the Easter holiday at the beginning of the month and un-seasonally late bursts of inclement weather had dented buyer interest, with many estate agents reporting postponed viewings during this period.
However, the firm argued that the fact buyer borrowing activity remained strong all month was evidence that there is still plenty of confidence among buyers.
Murphy suggested that media coverage of a likely base rate rise had influenced borrower demand for remortgaging, noting that 95.5% of those moving to a new deal went for a fixed rate, up slightly from 94.2% last April.