In June 34,300 first time buyers took out mortgages, an increase of 17% on June 2015. Total mortgages were up 12% on June 2015, despite a big drop in Buy to let. The BTL fall was in response to higher Stamp duties and government discouragement. So we now know the run up to the vote and the uncertainty it was said to cause did not put people off buying a home, nor did the result published with a week to go for the month’s figures.
Today comes news that surveyors have revised up their expectations about house prices, with them now forecasting increases everwhere save London and East Anglia. Thats quite a change from Mr Osbornes referendum forecast.
Many people are quite happy to buy things now, despite all the negative mood music in parts of the media. The largest cost in my annual budget is the cost of government. My tax bill well exceeds my food bill, or my clothing bill, or my home costs or my car running costs. Indeed, my tax bills exceed all of those together. It’s the one bill I can’t control.
Helping keep three governments, EU, national and local is an expensive business. I welcome the fact that we have recently voted to discontinue one of the three. Saving the money we send to the EU or spending it on our priorities will help.
I was hoping that as some businesses and forecasters are pessimistic there would be a few bargains around. When I came to buy a UK car to replace my older one, I found myself on a waiting list as they had no surplus stock or early production capacity available. When I wanted to buy a UK made replacement window to improve the heat insulation of my home I too was told there was a long delay before they can fit in making the one I needed. There were no special bargains on fears of the referendum. I will wait for the deliveries , as they are good products.
So how is your consumer confidence? Have any of you cancelled or deferred purchases recently, or do you think now is a good time to buy?