News on the general housing and mortgage market
The Current Housing Market.
Research has shown that confidence is flooding back in to the UK housing market.
Figures show that mortgage approvals in July this year has been 30 per cent higher than a year earlier and house prices have also risen by around 5 per cent in the year to August 2013. Read more
National Empty Home Loan Fund.
Figures show that there are an estimated 870,000 empty homes in the UK and this would potentially be enough empty commercial property to create 420,000 new homes.
Therefore it seems that one in twenty properties in the country is empty. Read more
A Surge in Self Build….
House buyers can spend a lifetime searching for their dream home. So it now seems that Self build homes are becoming a popular choice for people looking to get on the property ladder.
According to the National Self Build Association, there are 6 million people in the UK who want to build their own home and 1 million have already started the planning process. Read more
More Mortgages Hit the Market….
For the first time in a long time there now seems a wealth of options available in the mortgage market.
It appears that mortgage finance is now typically easier to obtain for the majority home owners and also in the last few months new lenders have launched to cater for people with patchy credit histories or even county court judgements to their names. Read more
A ‘Family Friendly Mortgage’ Product…..
It seems that the impact of losing one income has made it progressively more difficult for younger couples to combine children with home ownership.
Recent research has revealed that more and more couples are waiting longer and longer to have their first child. One of the contributory factors of this decision is the impact of losing one income. Read more
Should House Prices be Capped?
The housing market started the year still in slump mode however there are now fears that a new bubble is being stoked.
According to the Royal Institution of Chartered Surveyors (RICS) most recent report, rising house prices are spreading across the country and they also added that more surveyors saw house prices rise in July this year than in any month since November 2006, as increases in property values spread to the whole country. Read more
Second Steppers Struggle to Move up the Ladder….
Research by the Post Office showed those currently living in their first home bought their property at age 28, but expect to have to wait 14 years before they can afford to move up the ladder.
According to previously conducted research between 1965 and 1969, second time buyers had to wait just three years before moving into their second home. The average age of first time buyers was 25, while the average age of second time buyers was 28. Read more
New EU Mortgage Rule Will Cause Confusion.
At a time when many industry experts have called for lenders to be more transparent about the true cost of mortgages it seems that under new rules proposed by policymakers, mortgage lenders across Europe will be forced to display worst case scenarios to borrowers taking on a loan.
One particular new rule involves each lender listing the maximum interest rate it has charged over the past 20 years, even though this has no bearing on its current deals. Read more
House Seller Numbers on The Rise.
It seems that the housing market has been fuelled by Government stimulus schemes such as Help to Buy and Funding for Lending.
Research has shown that house prices in the UK are on the rise, with 40 per cent more surveyors reporting rises rather than falls across the UK. This is the highest reading since November 2006. Read more
Mortgage Approvals on the Rise Again!
The housing market is a huge driver of the economy, and with out people buying houses, the economy fails to grow.
Toward the end of 2008 the impact of the credit freeze and the subsequent near-collapse of the banking system caused lending to shrink dramatically. Read more