Mortgages for UK property are now more affordable than they have ever been before, the Council of Mortgage Lenders has revealed. Recently released figures for September show the average homeowner, first-time buyers not included, spent 17.7% of their monthly income on repaying their mortgage. This represents a decrease from 23.7% in 2009 when interest rates were a lot higher and should give a lot more people the opportunity to make the first steps onto the property ladder.
The latest lending data from the Bank of England suggests that the home mortgage market is recovering with approved loans for properties up 6% in October compared to the previous month. It suggests that the recovery in buyer demand is underway after a slowdown caused by the run up to the referendum on the European Union and the actual vote to leave with 67,518 mortgage approved.
With the end of the year on the horizon, home services marketplace Plentific has released it’s 2016 Property Price Index. This gives an overview of how Britain’s house prices have performed during the last 12 months and has revealed some surprising results. Property price rises The study has indicated the top ten best and worst performing regions in terms of property price fluctuations. Aylesbury led the way, with the average price of a home rising by an eye-watering 21.5% over the course of the year. It appears that prices in new commuters hotspots have risen substantially, with Aylesbury thriving as a result. In fact, the top-ten is dominated by regions in London and the South East. […]
When it comes to politics and regulations and their influence on the overall economy and property market, the devil is, as per usual, in the detail. Whilst we are not trying to cover every comment, bulletpoint or improvement Mr Hammond has made in his first statement, one week on we wanted to have a closer look at what all of this means for the country’s property market. London’s new housing fund Housing and London have always had a very impressive “love hate relationship”. Wages across the City vary so widely and property is in such great demand that the Government’s announcement to put aside £3.15bn to build 90,000 new homes in London has been greatly celebrated. […]
More than one in five, some 21% of UK landlords have to wait longer than four months before signing up their first tenants, according to new research into buy to let purchasing. But 53% of landlords have paying tenants within a couple of months of completing their first buy to let but for other delays can pile the pressure on their finances, says the report from the Nottingham Building Society.
The UK property market has bucked the traditional seasonal trend usually seen at this time of year, according to Agency Express’ Property Activity Index for November. During November, it is typical to experience a slowdown in activity in the UK property market as we head for the Christmas period. However, last month’s figures show unseasonal strength – new property listings dropped by just 4.7%, compared to 12.2% in 2015, while the number of properties sold fell by 1.8%, compared with 14.7% last year. Reviewing its historical data, Agency Express reports that the UK property market has not experienced this level of activity since 2013. Across the UK, 11 of the 12 regions included in the index […]