Kevin GrieveToby Leek, NAEA Propertymark President, responds to the latest quarterly ‘Later Life Mortgage Lending’ report from UK Finance.
Sirs,
UK Finance has published its quarterly later life mortgage lending update for Q4 2024, which supplies insight into mortgages taken out by borrowers over the age of 55.
Even with interest rates at relatively high levels, this report demonstrates that older people still feel confident enough to borrow money to finance their future home purchases. This trend is being reflected across all buyers, with the Bank of England’s Money and Credit Report for December 2024 finding that net mortgage approvals increased to 66,500 in December.
However, with the economic landscape remaining reasonably unsettled, many people’s finances may be stretched meaning they need to borrow for longer, not out of choice but out of need.
Much of the country will now be eagerly awaiting interest rates to track downward so that mortgages can continue to become more affordable allowing others the chance to make their next home moves a reality.”
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