The number of first-time buyers and home movers declined in September for the second consecutive month, according to the Council of Mortgage Lenders (CML). This suggests a growing lack of confidence among buyers.
However, it is not all bad news with remortgaging activity rising in September compared with August. Borrowers are finally beginning to realise what excellent rates are available to them as lenders cut their fixed-rate mortgages. There are also growing fears of an interest rate rise, which is a strong motivator in getting people off their lender’s standard variable rate and onto the security of a fix.