NR@stadiumresidential.com – alternatively for rental values and advice please contact Alex Giraldin on 020 7619 6590 or email AG@stadiumresidential.com
Here is a summary of the key changes and news in the mortgage and housing market for the month of July 2017.
Not a lot to report really, July has been relatively quiet and once again the Bank of England Monetary Policy Committee leave interest rates unchanged.
Of note, data from surveying group, Esurv who reported the number of mortgage loans approved in the previous month was 65,887 – up by 1.4% compared to May 2017. Also interesting that their data showed that large deposit buyers (those with 40% of more deposit) made up 34.5% of the loans confirmed in June.
Interesting to hear that a recent study by Age Partnership shows the average age of a first time buyer to be 30. Alarm bells rings to me though because this generation have not faced a high interest rate environment, with average interest rate being 4%, the understanding of future affordability is something that needs to be looked at by anybody with a 3 digit I.Q.
Boring stats:- Gross Mortgage Lending for June hit £22.1bn, which is an increase of 9% compared to May and 3% higher than June 2016. Data from UK Finance also confirmed Gross Lending for Q2 2017 of £60.3bn, up 3% on Q1 and 6% on Q2 2016.
Being competitive was Tesco Bank who announced a new range of mortgage rates and have focused on the 5yr fixed market. With demand for increased security in rate choice, Tesco’s 5yr fixed rate now starts from 1.88% with no Arrangement Fee. Every little helps.
Precise Mortgages have made recent changes to its Help to Buy range. This is across 2, 3 & 5 ye fixed rates, with H2B now starting at 3.74%. This shows a commitment from a newer lender in an area well covered by the big lenders.
Frankly other than that, nothing sparkling to add about the mortgage market.
I received some very sad news recently, Martin Letts from development consultancy Vizion Four passed away suddenly. Martin was only 57 years of age and was instrumental in the developments known as Vizion7 & and Highbury Stadium Square reaching fruition. A hard working and well-respected man that didn’t tolerate fools gladly he will be missed by his many friends and I was pleased to be able to attend his funeral in order to pay my respects. The church was literally packed, with standing room only.
Rather than drone on I will as always invite you to receive an updated market valuation for your property by contacting our Sales Manager Nigel Richards by calling 020 7619 6589 or by email NR@stadiumresidential.com – alternatively for rental values and advice please contact Alex Giraldin on 020 7619 6590 or email AG@stadiumresidential.com