News on the general housing and mortgage market
House Building Begins to Rise…
In 2008 house building fell to its lowest peacetime rate since the 1920s.
Britain on a whole has been falling woefully short of building the homes needed for decades. There is huge pent up demand which is just not being met from first time buyers and from second steppers looking to get on the next rung of the ladder. Read more
Shawbrook Bank Launches in to the Mainstream Buy to Let Market.
Shawbrook is a new savings and lending bank who offer their customers a straightforward, no nonsense alternative to the high street.
They appear to combine traditional banking values with a modern approach. Read more
A Rise in Sellers Asking Prices!
It seems that renewed confidence in the housing market and the ability to take on a long term mortgage commitment give more buyers the spur to enter the market or trade up.
Miles Shipside, director of Rightmove, the property website, said: “Consumer confidence is key to the housing market and on this front there has finally been a year of minimal bad news, with a reasonable amount of good, after four years of pretty consistent doom and gloom.” Read more
First Time Buyers Return to the Market.
It seems that first time home buyers are rushing back to the market as confidence grows and mortgages become increasingly available.
The latest housing data shows confidence and activity growing strongly at the bottom of the property ladder. Read more
New Lenders Look to Enter the Market.
The availability of cheap funding lines and schemes such as Help to Buy and the Funding for Lending Scheme means that the UK mortgage market is a very tempting proposition.
Many mortgage brokers believe that more lenders offering more bespoke deals in what is call ‘complex prime’, where the borrower does not necessarily fit the big banks’ scoring systems are needed. Read more
Mortgage Lending Remains Subdued.
The Government seems committed to its policy of doing more to encourage lending.
David Newnes, director of LSL Property Services, adds “funding for lending and help to buy are reignited the buyer market”. Read more
A Surge in Pensioners Who Are Now Renting!
Renting a property was previously a choice for the younger generation as they saved for a few years to get on the housing ladder. However, there is currently a demographic change in the UK rental market with people in retirement now are now also renting.
Recent figures from lettings agency Countrywide reveals a significant increase in the number of tenants aged over 50 living in private rented accommodation. Read more
First Time Buyer Numbers Increase!
Improvements to the housing market such as the launch of the Governments funding for lending scheme has meant that mortgage rates have been slashed to some of the lowest levels ever seen and on top of this lenders have also reported that their ‘risk appetite’ is slowly returning.
It therefore seems that these particular improvements have helped to encourage first time buyers to once again return to the housing market. Read more
Complaints About the Financial Industry Continue to Rise!
It seems that there has been a lot to complain about in banking over the last few years and the number of Britons forced to complain to the Financial Ombudsman has hit its highest level ever.
The organisation settles disputes between consumers and financial businesses. Read more
Warnings That Home Buyers are Being pressured!
It seems that currently pressure is being applied to property buyers from both estate agents and property developers alike.
Some experts have warned that a growing number of building developers are pressuring their clients into using their preferred solicitor and mortgage broker. Read more