Overview
- Moneyfacts, cited in reports Monday, said the average mortgage deal stayed on sale for just eight days at the start of April, the shortest since records began in 2011.
- The number of products fell to 6,201 from 7,484 a month earlier, with nearly 400 fewer options for buyers with 5% to 10% deposits, which squeezes first-time buyers the most.
- Industry analysts link the rapid withdrawals to the conflict in the Middle East, which pushed up swap rates that lenders use to set fixed mortgages and raised the cost of hedging these loans.
- Based on current averages, Moneyfacts estimated a typical £250,000 loan over 25 years costs about £1,800 more per year than in early March on a two-year fix, with borrower costs varying by profile.
- RICS reported buyer enquiries fell to minus 39% in the latest month, and the Bank of England kept rates unchanged in March while signaling caution on cuts, which has kept pricing high and product lifespans short.