She added that mortgage accessibility is intricately tied to the criteria set by lenders. This, Horstead said, includes credit score requirements, loan-to-value ratios, and income assessments.
Beyond national borders, global economic conditions, such as financial crises or shifts in the global interest rate environment, Horstead said, exert indirect influence on the UK mortgage market. Demographic trends, encompassing population growth, migration patterns, and more, Horstead added, are also instrumental in shaping housing demand and mortgage trends.
Adding an environmentally conscious dimension, Horstead said, the increasing awareness of climate change may usher in the development of eco-friendly mortgage products and influence consumer preferences towards energy-efficient homes.
“This intricate interplay of factors paints a comprehensive picture of the multifaceted landscape of the UK mortgage market,” she said.
Monitoring these aspects, she explained, could offer insights into the potential direction of the market this year.