After a rocky few years, the UK mortgage market is beginning to show real signs of strength again. Approvals are up, rates are falling, and more products are being made available to a wider range of buyers — including those with lower deposits.
If you’re considering a move in Wigan, here’s why now could be a smart time to act.
Mortgage Approvals Are on the Up
In April, UK mortgage approvals rose to 65,410, up 1.7% from the previous month. That may sound like a small shift, but it’s significant — it marks the first monthly increase since January, and the figure is now 3.2% higher than April 2024.
Even more importantly, approvals have consistently stayed above the 60,000 mark for 16 months in a row. That kind of consistency points to a healthy, stable mortgage market — and reflects growing confidence from both lenders and borrowers.
More Products, More Choice
It’s not just approval numbers that are increasing. There’s now more choice than ever for buyers, especially those with smaller deposits.
In May, the number of 5% deposit mortgage products hit 458, the highest level since early 2008. These low-deposit options are a lifeline for first-time buyers or those with limited equity — and a clear sign that lenders are opening up access to the market.
Lenders Are Getting More Competitive
Interest rates are easing too. All of the UK’s top six lenders (Barclays, Halifax, HSBC, NatWest, Nationwide, and Santander) are now offering fixed-rate deals below 4%. This puts buyers in a much stronger position than they were even six months ago.
According to Zoopla, lenders have also started relaxing their affordability assessments. Stress test rates have fallen from 8–9% to around 7–8%, meaning many buyers can now borrow more — and access properties that were previously out of reach.
This change alone can boost buyer purchasing power by 10–15%, which is a big deal in a competitive market like Wigan.
Transaction Levels Are Returning to Normal
It’s worth noting that while March 2025 saw a spike in sales activity due to the stamp duty deadline, April’s transaction levels were still 5.8% higher than April 2024 — even after that surge.
That tells us that demand isn’t just deadline-driven. Buyers are still actively looking, and the market is holding firm.
What This Means for Wigan Buyers and Sellers
For buyers, the environment is becoming more favourable by the month. Whether you’re a first-time buyer or looking to move up the ladder, there’s a wider selection of mortgage deals and more flexibility from lenders.
For sellers, this means more financially ready buyers entering the market — and potentially quicker, more reliable sales.
Considering Your Next Move?
We work closely with buyers and sellers across Wigan and can help you make sense of your options in today’s market.
Contact us today to speak to a local expert, book a free valuation, or find out what you can afford with the latest mortgage rates.