Young buyers driving mortgage demand
New figures released today from Experian have found that mortgage application volumes are up 17% in September this year, when comparing figures to those in September 20191 before the stamp duty holiday2 was in effect).
The younger age demographics are fueling these figures, with average daily mortgage applications up 20% for those in their 30s.
The figures showed that daily mortgage applications were up 14% for those in their 30s when comparing September this year to August 2021 and up 9% for those in their 20s over the same period.
James Jones, Head of Consumer Affairs at Experian said “Interest in new home ownership remains high as the stamp duty holiday ends, especially among younger people. Many have been using their lockdown savings to help secure their perfect home, with over a third of people in their 20s (36%) saying that the pandemic had helped them save for a deposit, rising to 41% of those in their 30s.”
“If you’re planning a mortgage application, it’s important to review your credit score ahead of time. People with higher scores tend to be able to access the cheapest mortgage rates, so if you’re not sure what yours is then you can check it for free on Experian’s website and find guidance if it needs improving. With mortgage rates continuing to fall, it’s even more important to know where you stand so you can benefit from the best products.”
“If you’re ready to apply for a mortgage then use a broker or free eligibility service to help you get the right deal for you.”