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Hot Property News - November 2018

Here is a summary of the key changes and news in the mortgage and housing market for the month of November 2018.

With everyone talking about Brexit there was no real surprise that there were no changes to the Bank of England base rate in November.

Latest data released by the Bank of England showed the number of mortgage approvals slightly increased in October, £4.1bn was lent compared to £3.9bn in September. The Bank of England also noted that 67,086 house purchases were approved in the same month, which was the highest amount since the start of the 2018.

The October mortgage data was backed up by H.M.  Land Registry figures which recorded that 106,883 sales were registered in October, which is an increase from September’s figure of 96,355.

Apparently an opinion Poll conducted by YouGov has shown that almost half the UK would like to see the return of 100% mortgages. 48% of a surveyed 9700 thought bringing back 100% loans would be a good idea. (Really!?) What I find most surprising is the older generation (65 and over) are more in favour, at 49% versus the 18-24 year age bracket at 46%. All this tells me is that people don’t learn from past mistakes. 

Nothing very exciting on the mortgage market but as the year comes to a close lenders can sometimes make an attempt to generate new business and Nationwide have made changes across the 2, 3 & 5 year fixed rates with a 5 year fixed deal now starting at 1.89% and a 2 year fixed deal at 95% loan to value at 2.94%.

TSB has made further rate reductions in the high Loan to value ranges. This sector of the market seems to be one where lenders feel there is demand, typically from First Time Buyers or “2nd Movers”. With rates reduction of 0.35% on 5 year fixed rates and 0.2% on 2 year fixed rate, this put TSB firmly in the mix at 95% Loan to Value market.

November was a relatively busy month for Stadium Residential, the higher activity levels that we noted in September and October continued and with demand still outstripping supply we really could do with some more properties to sell or let.

Traditionally December is a quiet month although interest spikes on Boxing Day when people search the internet for their dream home with the resolve to find their perfect property in the New Year. Relieving boredom is also a great incentive for those who don’t want to watch The Great Escape, The Sound of Music or soap opera omnibus editions so visiting property web-sites to spy on neighbour’s homes or play “Guess the value” becomes a popular pastime.

This seems like the perfect opportunity to let you know our opening times over the festive period.

Saturday 22nd December – 10.00am – 4.00pm

Sunday 23rd December – 10.00am – 2.00pm

Monday 24th December (Christmas Eve) – 10.00am – 4.00pm

Tuesday 25th December (Christmas Day) – Closed

Wednesday 26th December (Boxing Day) - Closed

Thursday 27th December 10.00am – 4.00pm

Friday 28thth December 10.00am – 4.00pm

Saturday 29th December - 10.00am – 4.00pm

Sunday 30th December – Closed

Monday 31st January (New Year’s Eve) – 10.00am – 2.00pm

Tuesday 1st January – Closed

On a personal note I am delighted to share some fantastic news, our Lettings Manager Alex Giraldin and his wife Alina celebrated the birth of their daughter Jessica on Saturday 1st December. She joins her very proud big brother, James who will be four in January. Congratulations!

This is going to be the last of my personal newsletters in this format, for the New Year we will be publishing professionally written content that I will select in the hope of finding more informative, topical and interesting articles for you to enjoy. More facts and less of my opinions!

To conclude all at Stadium Residential would like to share the Season’s Greetings and wish you a very happy, healthy and prosperous 2019. 

04.12.18 - Selling
By Graham McKee
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