When the recession hit, it wiped out livelihoods and decimated entire markets. In the face of a global slump, Britain's housing sector was no exception; buyers couldn't afford to buy and builders couldn't afford to build. Over the course of several years, the pace of the property market dropped from jet stream to tumbleweed and the UK was left with an increasingly problematic housing deficit.
Perhaps one of the most positive outcomes of the recent economic crisis was the message that consumers would benefit from saving more and borrowing more responsibly. So accessible were interest free loans, 105% mortgages and credit accounts that consumers came to believe they could afford anything, irrespective of their financial circumstances.
The Council for Mortgage Lenders have announced a glowing increase in mortgage activity year-on-year for March. Does this represent a storm of people rushing for funding before the Mortgage Market Review ("MMR") provisions came in or is this a representation of how there is an air of financial confidence and prudence in the minds of sellers and buyers alike?