Twindig Housing Market Index (HMI) - 17 April 21
The Twindig Housing Market Index ticked up by 0.9% this week to 93.2 its highest level since 21 February 2020. Following record house prices reported last week, this week the latest Bank of England Credit Conditions Survey contained good news for home buyers and homeowners. The Bank expects the number of mortgage products available to increase over the next three months and, all other things being equal, the price of mortgages (mortgage rates) to fall. This is good news on two levels. Firstly, lower mortgage rates and secondly lenders increased appetite to lend suggests to us that they are more optimistic about the longer-term outlook for the UK housing market than they were at the start of the year. Estate agents Foxtons and Belvoir reported on trading so far this year this week and both said that the rental and sales markets are particularly buoyant although rents in London have fallen during lockdown.