RICS comment on CML regulated mortgage survey data

Commenting on the CML regulated mortgage survey data, Oliver Gilmartin, RICS senior economist said: "First time buyers should not assume that rates are at the top of the cycle. Any evidence that inflation pressures are persisting in the economy would see rates move higher for longer than currently expected. Those 2 million or so who are soon to come off fixed rate deals know only too well the hardship that is faced and the benefits that a longer term fix could have offered.

"The premium paid on longer term deals remains relatively slim in historic terms and for those not looking at their house as a remortgaging cash machine some might want to consider the peace of mind that a 5-10 year fix may offer.

"With first time buyers more vulnerable to rising interest rates than those with an equity cushion any attempts to raise the stamp duty threshold would be welcomed as affordability for those at the bottom has worsen at a faster pace."