MORTGAGE CANCELLATIONS ON THE RISE, BOE DATA SHOWS.
Britain’s mortgage market, which was sent into panic mode after former prime minister Liz Truss’s disastrous “mini” Budget, may have entered a period of some stability but data suggests cancellations are on the rise.
Using data from the Bank of England, debt advisory specialist Sirius Property Finance analysed the patterns of approvals and mortgage offers over the past few years.
Managing director of Sirius Property Finance, Nicholas Christofi, said: “As interest rates have continued to climb, it’s not only had an impact on the appetite of the nation’s homebuyers, but it’s led to a growing level of mortgage market instability.
“While both the volume of mortgage approvals and cancellations have dropped, the number of cancellations as a proportion of mortgage approval market activity has actually climbed to its highest level in the last decade.
“This demonstrates the far trickier landscape buyers are having to negotiate when it comes to the higher cost of borrowing and the reluctance that many have had in following through with a mortgage offer as interest rates have risen.”