There has been a revival in interest in the housing market since the Bank of England cut Bank Rate. as nearly two thirds (64 per cent) of the intermediaries who responded to our survey reported an increase in mortgage enquiries.

Alistair Nimmo, Director of Marketing at Family Building Society, said: “Intermediary sentiment could well be affected by measures in the forthcoming Budget, but they do show that if the Bank of England continues to cut interest rates the revival in the housing market should continue." 

Some of this growth has come from those wanting to move, as almost 56% of respondents stated they had noticed an increase in ‘moving home’ applications, which is up from just 46% when we asked the same question in January 2024.

Our survey showed that the most underserved market remains interest-only, but far fewer brokers reported this compared to January’s survey. Meanwhile, brokers felt a growing concern for clients looking for Later Life and Expat Buy to Let mortgages. 

Buy to Let applications also appear to be on the increase, taking second spot from Self-Employed, with First Time Buyers still the most common.

The cost of renting and the fact that rents are increasing were the most frequently stated reasons for the continued interest in younger borrowers wanted to buy their first home.

29% of respondents referenced the cost of living as a cause for concern for their clients during the application process, almost 3x greater than rising interest rates and redundancy.