High-value mortgage demand falls

by Aaron Strutt

Apr 01 2015

The Bank of England’s latest Credit Conditions Survey shows demand for mortgages fell ‘significantly’ during the first quarter of the year.

According to the lenders, demand for house purchase finance fell for the third successive quarter, although it is expected to increase over the coming months.

Demand for high value properties saw the biggest fall since 2008, even though the lenders have been offering fantastically cheap fixed rates for mortgages up to £3 million.

Jonathan Samuels, chief executive of Dragonfly Property Finance, told the BBC: “Many prime and super-prime buyers are sitting on their hands and want to see what the next government looks like before they commit to a purchase. That this is the most uncertain election in decades has certainly triggered more caution at this level of the market than normal."

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