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Tag: housing market

  • First-Time Buyer Mortgage Applications Fall 9.1% in Q2

    First-Time Buyer Mortgage Applications Fall 9.1% in Q2

    Mortgage applications from first-time buyers (FTBs) have dropped by 9.1% in the second quarter of 2026, reflecting growing economic uncertainty and its impact on buyer confidence. This decline, reported by Yorkshire Building Society, indicates that potential buyers are becoming more cautious in an unpredictable market.

    TL;DR: First-time buyer mortgage applications fell by 9.1% in Q2 2026, down to 119,749; the decline is largely attributed to economic uncertainty affecting buyer confidence.

    What Factors Contributed to the Decline in Mortgage Applications?

    The analysis reveals that between March 30 and June 28, 2026, first-time buyer applications decreased from 131,682 in the same period of 2025 to 119,749. This decline follows a period of relative stability in Q1 2026, where applications had remained steady despite the end of stamp duty relief last year. The ongoing volatility in the housing market, exacerbated by geopolitical tensions, is causing many prospective buyers to reconsider their purchasing decisions.

    How Does This Compare to Home-Mover Applications?

    Home-mover applications also saw a decline, falling by 7.9% in Q2 2026, from 112,100 to 103,197. However, this segment has remained relatively flat throughout the year, with only a 1.1% decrease since January. This suggests that while first-time buyers are retreating, existing homeowners may be more resilient in their buying decisions amid the current market conditions.

    What This Means for First-Time Buyers Amid Falling Applications

    The drop in applications indicates that first-time buyers are facing significant challenges, including rising interest rates and affordability issues. With a total of 246,197 applications in the first half of 2026, down 4.3% from 257,330 in the same period of 2025, potential buyers may need to reassess their financial readiness and explore options such as mortgage rates to find the best deals available. The current climate may also lead to increased competition among lenders to attract FTBs, which could provide some opportunities for those still looking to enter the market.

    Frequently Asked Questions

    Why are first-time buyer applications falling?

    The decline in first-time buyer applications is primarily due to economic uncertainty and rising interest rates, which are causing potential buyers to delay their purchasing decisions.

    What should first-time buyers consider now?

    First-time buyers should evaluate their financial situation and consider exploring various mortgage options, as market conditions may lead to competitive offerings from lenders.

  • Mortgage Applications Fall: FTBs Down 9.1% in Q2 2026

    Mortgage Applications Fall: FTBs Down 9.1% in Q2 2026

    Mortgage applications from first-time buyers (FTBs) have dropped by 9.1% in the second quarter of 2026, signalling a decline in market confidence amid ongoing economic uncertainty. This trend is particularly concerning as it reflects the impact of recent financial pressures on potential buyers.

    TL;DR: First-time buyer mortgage applications fell by 9.1% in Q2 2026, reflecting economic uncertainty; this decline affects new buyers and the overall housing market.

    Why Are Mortgage Applications Falling?

    According to analysis from Yorkshire Building Society, the number of FTBs applying for mortgages decreased from 131,682 in Q2 2025 to 119,749 in Q2 2026. This drop follows a period where buyer activity remained relatively stable in early 2026, despite challenges such as the end of stamp duty relief for FTBs in April 2025. The recent decline suggests that factors like market volatility and rising interest rates, exacerbated by geopolitical tensions, are causing many prospective buyers to reconsider their purchasing decisions.

    How Are Home-Mover Applications Affected?

    Home-mover applications also experienced a decline, falling by 7.9% in Q2 2026, from 112,100 to 103,197. While this represents a more modest drop compared to FTB applications, it indicates a broader trend of hesitance among buyers in the current market. Despite this, home-mover applications have remained relatively stable overall, with only a 1.1% decrease since the start of the year.

    What This Means for First-Time Buyers

    The decrease in mortgage applications is particularly significant for first-time buyers, who are often more sensitive to changes in market conditions. With fewer applications, FTBs may find it increasingly challenging to secure financing, particularly as lenders tighten their criteria in response to economic uncertainty. This trend could lead to a slowdown in property purchases, further impacting the housing market and potentially leading to a decrease in property prices in the long term.

    What Should Buyers Watch Next?

    Potential buyers should keep an eye on interest rate movements and economic indicators that could affect mortgage availability. Additionally, the ongoing geopolitical situation may continue to influence market confidence. Staying informed about changes in mortgage rates and government policies will be important for buyers looking to navigate this uncertain market effectively.

    Frequently Asked Questions

    What are the main reasons for the decline in mortgage applications?

    The decline in mortgage applications is primarily due to economic uncertainty, rising interest rates, and the withdrawal of stamp duty relief for first-time buyers.

    How does this impact first-time buyers specifically?

    First-time buyers may face increased challenges in securing mortgages, leading to potential delays in purchasing decisions and a slowdown in the housing market.

  • FTB Mortgage Applications Fall by 9.1% in Q2 2026

    FTB Mortgage Applications Fall by 9.1% in Q2 2026

    Recent analysis indicates a significant decline in mortgage applications from first-time buyers (FTBs), with a 9.1% drop recorded in the second quarter of 2026. This downturn is attributed to ongoing economic uncertainty, which has affected buyer confidence in the housing market.

    TL;DR: First-time buyer mortgage applications decreased by 9.1% in Q2 2026, reflecting economic uncertainty; this trend may delay home purchases for many potential buyers.

    What is the Current State of FTB Mortgage Applications?

    Between March 30 and June 28, 2026, a total of 119,749 first-time buyers applied for mortgages, down from 131,682 during the same period in 2025. This represents a notable decline in interest from new entrants into the housing market. The overall activity for FTBs in the first half of 2026 also saw a decrease of 4.3%, with applications falling from 257,330 in H1 2025 to 246,197.

    Why Are FTB Mortgage Applications Falling?

    The decline in mortgage applications is largely linked to economic factors, including the end of stamp duty relief for first-time buyers in April 2025 and persistent affordability challenges. Despite a relatively steady performance in Q1 2026, the latest figures suggest that market volatility, particularly related to the ongoing conflict in the Middle East, is prompting potential buyers to reconsider or delay their purchasing decisions.

    What This Means for First-Time Buyers

    For first-time buyers, the drop in mortgage applications signals a challenging environment. With economic uncertainty and rising interest rates, many may find it increasingly difficult to secure financing or feel confident in making a purchase. This hesitation could prolong their journey to homeownership, as they weigh their options amid fluctuating market conditions.

    What About Home-Mover Applications?

    Home-mover applications also experienced a decline in Q2 2026, falling by 7.9% to 103,197 from 112,100. However, the overall activity for home-movers has remained relatively stable, with only a slight decrease of 1.1% since the beginning of the year. This steadiness contrasts with the more pronounced decline seen in first-time buyer applications.

    Frequently Asked Questions

    What factors are influencing the decline in mortgage applications?

    The decline in mortgage applications is primarily driven by economic uncertainty, the end of stamp duty relief for first-time buyers, and ongoing affordability challenges.

    How might this impact the housing market?

    The decrease in applications from first-time buyers could lead to reduced demand in the housing market, potentially affecting property prices and overall market activity.

  • Mortgage Rates Rise: Key Reasons and Impacts

    Mortgage Rates Rise: Key Reasons and Impacts

    Mortgage rates have recently increased as lenders respond to rising funding costs triggered by geopolitical tensions, particularly the escalating conflict in Iran. Major lenders like Barclays, Halifax, and HSBC have announced rate hikes, marking a shift from previous months where rates were gradually decreasing following a ceasefire.

    TL;DR: Barclays, Halifax, and HSBC are raising mortgage rates by up to 0.20% due to climbing swap rates linked to geopolitical tensions; this affects borrowers with increased monthly payments.

    Why Are Lenders Increasing Mortgage Rates?

    The recent increase in mortgage rates is largely attributed to the rise in swap rates, which are important in determining lender pricing. Nicholas Mendes, a mortgage technical manager at John Charcol, noted that lenders price off swaps rather than the Bank of England’s base rate. As swap rates have climbed due to the conflict in the Middle East, lenders are adjusting their rates to align with these increased funding costs. When a significant player like Halifax raises its rates, it often prompts other lenders to follow suit within days.

    What Does This Mean for Borrowers?

    For borrowers, the recent rate hikes translate into higher monthly mortgage payments. For example, a 0.20% increase on a typical £200,000 mortgage over 25 years could add approximately £23 to monthly repayments, amounting to around £276 annually. Similarly, for a £300,000 mortgage, the same increase would result in an additional £35 per month, or nearly £420 each year. This change can significantly impact household budgets, especially for those on tight financial plans.

    Will Interest Rates Continue to Rise?

    The recent flurry of mortgage rate increases raises questions about future interest rate movements. While fixed-rate pricing is not directly influenced by the Bank of England’s base rate, lender actions can signal potential trends. Mendes indicated that the Monetary Policy Committee (MPC) is leaning towards a hawkish stance, with some members advocating for an immediate increase to 4%. Although Mendes believes a hold is still likely, the ongoing discussions suggest that a rate hike in the near future is more probable than a cut.

    What This Means for Investors and Landlords

    Investors and landlords should be particularly vigilant as rising mortgage rates can affect profitability and cash flow. Higher borrowing costs may lead to increased rental prices, which can impact tenant affordability. Additionally, those looking to refinance or secure new financing should act quickly, as further rate increases could make borrowing less attractive. Keeping an eye on lender movements and market trends will be essential for making informed investment decisions.

    Frequently Asked Questions

    How will the mortgage rate increase affect my monthly payments?

    A 0.20% increase on a typical £200,000 mortgage could add around £23 to your monthly payments, while a £300,000 mortgage would see an increase of about £35 per month.

    Should I consider refinancing my mortgage now?

    If you are considering refinancing, it may be wise to act sooner rather than later, as further increases in mortgage rates could make refinancing less beneficial.

  • UK Mortgage Market Update: Rate Hikes and Housing Concerns

    UK Mortgage Market Update: Rate Hikes and Housing Concerns

    The UK mortgage market is experiencing significant changes as major lenders raise rates amid rising funding costs. Nationwide and Virgin Money are among those increasing selected mortgage rates, reversing recent price cuts. This trend highlights the ongoing challenges in the housing market, particularly as up to 100,000 unsold ex-rental homes could remain vacant due to new regulations.

    TL;DR: Major lenders like Nationwide and Virgin Money are raising mortgage rates; up to 100,000 unsold rental homes may remain empty due to new regulations.

    Why Are Mortgage Rates Increasing?

    Several lenders, including Nationwide, Virgin Money, and Barclays, are raising selected mortgage rates as funding costs increase. Nationwide and Virgin Money’s rate hikes reflect a broader trend in the mortgage market as higher swap rates impact lenders’ funding strategies. Barclays is following suit with increases on residential mortgages, while also reducing some buy-to-let deals.

    What Does This Mean for Borrowers?

    For borrowers, the increase in mortgage rates signifies a more expensive borrowing environment. Those looking to secure fixed-rate mortgages may find themselves facing higher costs. NatWest has also announced an increase in selected fixed rates, joining other lenders in raising prices. This trend may lead to a shift in borrowing strategies, with potential borrowers needing to reassess their options in light of these rising costs.

    How Are Landlords Affected by Market Changes?

    Landlords are facing unique challenges as the pace of selling rental properties slows. According to Hamptons, landlord purchases have exceeded sales for the first time since 2019, indicating a shift in market dynamics. However, the introduction of the Renters’ Rights Act may prevent unsold homes from returning to the rental market due to new restrictions on re-letting. This could exacerbate the housing shortage and further drive up rental prices, impacting both landlords and tenants.

    What This Means for Investors and Brokers

    Investors and brokers should be aware of the shifting market in the mortgage market. The recent rate increases may prompt a reevaluation of investment strategies, particularly for those focused on buy-to-let properties. Brokers will need to stay informed about the latest offerings and rate changes to provide clients with the best advice. Additionally, with the acquisition of a residential mortgage portfolio by Market Harborough Building Society from Gen H, there may be new opportunities for brokers to explore in catering to first-time buyers and those with complex borrowing needs.

    Frequently Asked Questions

    Why are mortgage rates rising now?

    Mortgage rates are rising due to increased funding costs driven by higher swap rates, prompting lenders like Nationwide and Virgin Money to adjust their rates accordingly.

    How will the Renters’ Rights Act impact landlords?

    The Renters’ Rights Act may prevent unsold ex-rental homes from being re-let, potentially exacerbating housing shortages and increasing rental prices.

  • Mortgage Market Update: Rate Hikes and Housing Concerns

    Mortgage Market Update: Rate Hikes and Housing Concerns

    The UK mortgage market is experiencing significant changes as several lenders announce rate increases amid rising funding costs. This shift impacts borrowers and landlords alike, raising concerns over housing availability and affordability.

    TL;DR: Nationwide and Virgin Money are raising selected mortgage rates; this trend signals increasing costs for borrowers and potential challenges for landlords with unsold properties.

    Why Are Mortgage Rates Increasing?

    From mid-July, Nationwide and Virgin Money will increase their mortgage rates, reversing some recent price cuts. This decision reflects the rising funding costs that lenders are facing, a trend echoed by Barclays, Coventry Building Society, and Gen H, which are also hiking rates. Barclays will increase selected residential mortgage rates while cutting some buy-to-let deals.

    What Does This Mean for Borrowers?

    For borrowers, these rate hikes mean higher monthly repayments on new mortgages and potentially on existing variable-rate deals. With NatWest also raising fixed rates, borrowers should be prepared for increased costs. Those looking to remortgage or purchase a home may need to act quickly to secure more favourable rates before further increases occur.

    How Are Landlords Affected?

    The rental market is facing unique challenges as Hamptons reports that unsold ex-rental homes could remain empty. The pace of landlords selling rental properties has slowed, with purchases now exceeding sales for the first time since 2019. However, new restrictions from the Renters’ Rights Act may prevent these homes from returning to the rental market, exacerbating the housing shortage and pushing rents higher as demand continues to outstrip supply.

    What This Means for the Mortgage Market

    The recent rate increases and the potential for unsold homes to remain vacant signal a tightening in the mortgage market. With fixed rates seeing the biggest monthly reduction in recent history, there is a glimmer of hope for borrowers. However, renewed geopolitical uncertainty could hinder further rate reductions, making it essential for borrowers and investors to stay informed about market trends and lender offerings.

    Frequently asked questions

    What should I do if my mortgage rate is increasing?

    If your mortgage rate is increasing, consider reviewing your current mortgage terms and exploring options for remortgaging. It may be beneficial to lock in a rate before further increases occur.

    How will the housing market be affected by unsold rental properties?

    The presence of unsold rental properties could lead to a tighter housing market, as these homes may not be available for rent due to new regulations. This could drive up rental prices and limit options for tenants.

  • Mortgage Market Update: FTB Applications Decline 9.1%

    Mortgage Market Update: FTB Applications Decline 9.1%

    The UK mortgage market is experiencing a notable downturn, with first-time buyer (FTB) mortgage applications dropping by 9.1% in recent months. This decline reflects waning confidence among prospective buyers, influenced by economic uncertainties and geopolitical tensions.

    TL;DR: FTB mortgage applications fell from 131,682 to 119,749 between March and June 2026; this decline signals reduced buyer confidence, impacting landlords and investors.

    What are the latest trends in the mortgage market?

    Between 30 March and 28 June 2026, the number of first-time buyers applying for mortgages decreased significantly, falling to 119,749 from 131,682 during the same timeframe in 2025. Over the first half of 2026, FTB activity saw a 4.3% decline, with total applications dropping from 257,330 in H1 2025 to 246,197. Additionally, homemover applications also experienced a downturn, declining by 7.9% in the second quarter, from 112,100 to 103,197.

    What factors are influencing this decline in the mortgage market?

    The recent downturn in mortgage applications can be attributed to market volatility and rising interest rates, which are partly linked to ongoing geopolitical tensions, particularly between the US and Iran. These factors are likely causing potential buyers to reconsider or delay their purchasing decisions. Max Shepherd, a group economist at Yorkshire Building Society, pointed out that the housing market has faced numerous challenges over the past 18 months, including the cessation of stamp duty relief for first-time buyers last year.

    What does this mean for first-time buyers?

    For first-time buyers, the decline in mortgage applications indicates a more cautious approach to entering the housing market. With rising interest rates and economic uncertainty, many may find it challenging to secure the financing they need. This situation may also create a more competitive environment, as fewer buyers could lead to increased pressure on housing prices in the long term.

    What should landlords and investors watch for in the mortgage market?

    Landlords and property investors should monitor these trends closely. The decline in first-time buyer applications could signal a potential slowdown in the housing market, which may affect rental demand and property values. Investors should stay informed about interest rate changes and market conditions to make strategic decisions moving forward. Keeping an eye on current mortgage rates will be important for understanding financing options in this shifting market.

    Frequently asked questions

    How can first-time buyers navigate this market?

    First-time buyers should consider consulting with mortgage brokers to explore various financing options and stay informed about market conditions to make well-timed decisions.

    What impact do rising interest rates have on mortgage applications?

    Rising interest rates can make borrowing more expensive, leading to a decrease in mortgage applications as potential buyers reassess their financial capabilities.

  • Mortgage Market Update: Rates Rise and Empty Homes Warning

    Mortgage Market Update: Rates Rise and Empty Homes Warning

    The UK mortgage market is experiencing significant changes as several lenders announce rate increases and concerns grow over unsold rental properties. Nationwide and Virgin Money are among the lenders raising selected mortgage rates, reflecting the rising funding costs that could impact borrowers and landlords alike.

    TL;DR: Nationwide and Virgin Money are increasing mortgage rates; up to 100,000 unsold ex-rental homes could remain empty due to new restrictions.

    Why Are Mortgage Rates Increasing in the Mortgage Market?

    As of mid-July, Nationwide and Virgin Money have announced rate hikes on selected mortgage products. This decision comes as funding costs rise, prompting lenders to adjust their pricing strategies. Similarly, Barclays is increasing rates, while also reducing some buy-to-let deals. Other lenders, including Coventry Building Society and Gen H, are following suit, indicating a broader trend in the mortgage market.

    What Is the Impact of Unsold Rental Homes?

    According to Hamptons, the pace of landlords selling rental properties has slowed, resulting in a situation where landlord purchases now exceed sales for the first time since 2019. However, the introduction of the Renters’ Rights Act may prevent a significant number of unsold homes from returning to the rental market. This could exacerbate the housing shortage, particularly as rents are on the rise due to improving market conditions for landlords.

    What Changes Are Happening for Borrowers in the Mortgage Market?

    NatWest is set to increase selected fixed mortgage rates, joining the ranks of other lenders raising their prices. This trend suggests that borrowers may face higher costs when securing new mortgages or refinancing existing ones. Additionally, Nationwide has lowered the income threshold for joint applicants to access mortgages of up to six times income, reducing the requirement. This could make it easier for some buyers to qualify for larger loans.

    What This Means for Landlords and Investors in the Mortgage Market

    For landlords, the potential for a significant number of unsold ex-rental homes to remain vacant poses a challenge. The new re-letting restrictions under the Renters’ Rights Act may limit their ability to return these properties to the rental market, impacting rental supply and potentially leading to increased competition among landlords for tenants. Investors should also be aware of the rising mortgage rates, which could affect their financing costs and overall investment strategies. For current rates, check current mortgage rates.

    Frequently asked questions

    How will rising mortgage rates affect my borrowing options?

    Rising mortgage rates will likely increase the cost of borrowing, making it more expensive for new buyers to secure loans or for existing homeowners to refinance. This could lead to a slowdown in the housing market as affordability becomes a greater concern for potential buyers.

    What should landlords do in response to the empty homes crisis?

    Landlords should assess their portfolios and consider strategies for managing unsold properties, such as adjusting rental prices or exploring alternative rental models. Staying informed about legislative changes is also important to navigate potential restrictions effectively.

  • Mortgage Market Update: Rates Rise and Housing Concerns

    Mortgage Market Update: Rates Rise and Housing Concerns

    The UK mortgage market is experiencing significant changes as lenders raise rates amid rising funding costs. Nationwide and Virgin Money are leading the charge with increases on selected mortgage products, affecting borrowers looking for residential mortgages. This shift comes as the market grapples with the potential of unsold ex-rental homes remaining vacant.

    TL;DR: Nationwide and Virgin Money increase selected mortgage rates; up to 100,000 ex-rental homes may remain unsold due to new restrictions.

    Why Are Mortgage Rates Rising?

    Several lenders, including Nationwide, Virgin Money, and Barclays, are raising their mortgage rates as funding costs increase. Starting from mid-July, Nationwide and Virgin Money will implement rate hikes on selected mortgage products. Barclays is also increasing rates, while some buy-to-let deals may see reductions. This trend is largely driven by higher swap rates, which are influencing the cost of borrowing for lenders.

    What Impact Will This Have on Borrowers?

    For borrowers, these rate increases mean higher monthly repayments on new mortgages. Those looking to secure fixed-rate deals may find themselves facing steeper costs than previously anticipated. NatWest is also set to increase selected residential fixed mortgage rates, further tightening the options for borrowers. As funding costs rise, it’s important for potential homebuyers to stay informed about current mortgage rates and consider locking in deals sooner rather than later.

    What Are the Implications for Landlords?

    Landlords are facing a challenging environment as the pace of selling rental properties slows. According to Hamptons, for the first time since 2019, landlord purchases are outpacing sales. However, the introduction of the Renters’ Rights Act could mean that unsold ex-rental homes may not return to the rental market due to new re-letting restrictions. This situation could exacerbate the housing shortage and maintain upward pressure on rental prices as demand continues to outstrip supply.

    What This Means for the Mortgage Market

    The recent changes indicate a cautious outlook for the mortgage market. The Financial Inclusion Strategy has come under scrutiny from MPs, who argue that it relies too heavily on voluntary industry actions without sufficient data on financial exclusion. This raises concerns about the balance of influence between industry stakeholders and consumer advocates. As mortgage rates rise and the housing market adjusts, stakeholders will need to monitor these developments closely to navigate the evolving market.

    Frequently asked questions

    How will rising mortgage rates affect my ability to buy a home?

    Rising mortgage rates will increase your monthly repayments, making it more expensive to borrow. This could limit your purchasing power and affect your ability to secure a mortgage.

    What should landlords consider with the new restrictions on rental properties?

    Landlords should be aware of the potential for unsold ex-rental homes to remain vacant due to new re-letting restrictions. This could impact rental income and overall investment strategies.

  • UK Mortgage Market Update: Rate Increases and Housing Trends

    UK Mortgage Market Update: Rate Increases and Housing Trends

    The UK mortgage market is experiencing significant changes as several lenders announce rate increases amid rising funding costs. Nationwide and Virgin Money are raising selected mortgage rates, marking a reversal of recent price cuts. This shift reflects broader trends in the market, including geopolitical tensions affecting costs and a slowdown in the sale of rental properties.

    TL;DR: Nationwide and Virgin Money are raising mortgage rates; up to 100,000 unsold ex-rental homes could remain empty due to new restrictions.

    Why Are Mortgage Rates Increasing?

    Several lenders, including Barclays, Coventry Building Society, and Gen H, are also raising selected mortgage rates. The increases are largely attributed to higher swap rates, which influence funding costs for lenders. As these costs rise, borrowers may face higher monthly repayments, impacting affordability.

    What Does This Mean for the Mortgage Market?

    The rental market is facing challenges as the pace of landlords selling properties has slowed. According to Hamptons, this trend has resulted in landlord purchases exceeding sales for the first time since 2019. However, the new Renters’ Rights Act could prevent unsold homes from re-entering the rental market due to restrictions on re-letting. This situation may lead to increased rental prices as demand continues to outstrip supply, creating a complex environment for landlords navigating the mortgage market.

    How Are Borrowers Affected?

    Borrowers looking to secure fixed-rate mortgages may find themselves facing higher costs as NatWest joins other lenders in increasing rates. The average fixed mortgage rates have seen their largest monthly reduction in some time, but the recent increases could offset these gains. Borrowers should closely monitor current mortgage rates and consider locking in deals before further increases occur. For those with joint applications, Nationwide has lowered the income eligibility threshold for accessing mortgages, potentially opening doors for more applicants.

    What Should Investors Watch Next?

    Investors should keep an eye on how the geopolitical market unfolds, as it could further impact construction costs and overall market stability. The recent acquisition of a residential mortgage portfolio by Market Harborough Building Society from Gen H indicates a strategic move towards supporting first-time buyers and borrowers with complex circumstances. This could signal a shift in lending strategies that may affect investment opportunities in the housing market.

    Frequently asked questions

    What should I do if I’m considering a mortgage now?

    If you are considering a mortgage, it may be wise to act quickly. With several lenders increasing rates, securing a mortgage sooner could save you money in the long run. Research current mortgage rates to find the best deal.

    How will the new Renters’ Rights Act affect my rental property?

    The Renters’ Rights Act could restrict your ability to re-let unsold properties, potentially leaving a significant number of homes empty. This may lead to increased rental prices in the market as demand continues to rise.