The new data from Legal & General’s SmartrCriteria tool also revealed that brokers are continuing to see high demand from overseas buyers. To this end, searches for expatriates or EU citizens in the UK rocketed by 25% in July. This was mirrored by a 14% increase in searches for borrowers with foreign income.
As in June, most searches were also made on behalf of applicants with a visa. Searches for expatriates that aren’t based in the UK also rose by just under a fifth (17%).
Second homes, retirement properties, and Help to Buy also prove popular
Demand for niche products also remained high in July, with searches for buyers looking to purchase retirement properties and second homes climbing by 26% and 17% respectively. With Help to Buy drawing to a close in spring 2023, searches for those looking to purchase a home under the scheme rose by 18%.
The data also confirms that family members continue to play a crucial role in supporting first-time buyers. As such, ‘joint borrower sole proprietor was the sixth most popular criteria point in July.
Kevin Roberts, Director of Mortgage Services, Legal & General, comments: “It’s reassuring to see the market retain its momentum despite wider economic pressure. In some areas, such as the overseas market, demand is even rising. This includes an increasing number of expatriates and EU citizens seeking UK mortgages.
“This month’s data also shows that some buyers are considering eco-friendly products and making greener choices. We are still very much in the early stages of the green revolution, but it seems safe to assume that rising energy bills have prompted more buyers to consider the financial benefits of opting for greener homes. While volumes remain low for now, brokers and lenders have a key part to play in raising awareness of green products and educating borrowers about EPCs, retrofitting, and other associated factors.”
