Housing Market Round Up
From time to time there are lots of short but interesting snippets of news about the housing market.
So, we thought it would be helpful to do a short ’round up’ of those that caught our eye in the last week or two.
As always, if you would like any advice or information about the local market, or prices in ‘your road’ just ask.
Our advice is free, confidential and without obligation:
- SAVINGS – Research from Hamptons International found that home movers are increasingly reliant on re-investing the equity in their properties than using their savings. The amount of the deposit coming from savings has dipped over the last ten years from 51% to just 30%.
- REPOSSESSIONS DOWN – Home repossessions have fallen to their lowest levels in 38 years. With nine million mortgage holders in the UK, just 4,580 properties were repossessed last year.
- ARREARS DOWN – Serious mortgage arrears have fallen too – down 5% on last year against a backdrop of mortgages remaining affordable and house prices being steady. Buy to let mortgages have also fared well with landlord arrears not really being any different to those of home buyers.
- HOUSE PRICES UP – Figures from the Office for national Statistics showed that house prices rose by 2.5% in the UK in the year to December 2018. Many economists predict prices remaining steady because real incomes are rising and unemployment remains low. That’s all despite our politicians and their Brexit shenanigans!
- FIRST TIME BUYERS – The number of first time buyer mortgages in 2018 was the highest for 12 years, with 370,000 loans granted.
- MORTGAGE NEWS – Mortgage lenders are relaxing their age limits on borrowers with a wide choice of mortgages now available that extend well beyond the standard retirement age. This reflects the fact that people are working longer and 65 is no longer considered to be ‘old’.
- PRIME LONDON – Brexit uncertainty continues to hit ‘prime London’ according to figures from Knight Frank, who report that prime London prices are back to where they were 6 years ago with many prime outer London properties at 2014 levels.