According to the Bank of England's recent Credit Conditions Survey, lenders noted an increase in the availability of secured credit to households in the three months leading up to February, with expectations for further growth until the end of May.
Moreover, lenders observed a rise in demand for secured lending for both house purchases and remortgaging in the first quarter, with projections indicating continued growth in the second quarter.
Although respondents in the Bank of England survey foresee relatively stable pricing, they also highlighted a rise in defaults.
Despite initial concerns over inflation and rising mortgage rates dampening sentiment, the Herefordshire property market recovery remains on course. With economic uncertainties clearing up, there is a noticeable eagerness among buyers to move forward.
Presently, mortgage rates have stabilised, and any potential decrease will depend on inflation trends and the Bank of England's decision on adjusting the base rate in June.
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