Recent data reveals a significant uptick in the number of mortgage products available, bringing optimism to various buyer segments within the UK property market. As reported by Octane Capital, the availability of mortgage products has notably increased since the stabilisation of the base rate last September. Jonathan Samuels, CEO of Octane Capital, highlights, “the growing level of mortgage product availability in recent months suggests that confidence is growing across the sector, with this confidence only likely to strengthen as an interest rate cut looms.”

Segment-Specific Surge
The second quarter of this year marked a promising period for those looking to enter the housing market. First-time buyers, in particular, saw a 7.7% rise in mortgage options available to them, signifying the largest increase among all segments. Despite this, products tailored to first-time buyers still represent a minor 7.1% of the total market share. Buy-to-let landlords weren’t far behind, experiencing a 6.2% increase in the same period. Samuels commented on the broader impact, stating, “As a result, lenders have been increasing the number of products available to all buyer segments and this greater level of choice not only benefits buyers, but demonstrates confidence in the market.”

Looking Ahead: A Stable Outlook
The property sector anticipates further growth, particularly with a potential rate cut in sight. Samuels remains optimistic about the near future, noting, “With a rate cut on the horizon, it’s shaping up to be a far stronger year for the property sector and we’ve already seen signs of a return to form emerging since the start of the year.” This sentiment underscores a gradual yet steady recovery and a stronger, more stable market conducive to both buying and investing.