Marketing No Comments

First-time buyer mortgage market set to beat predictions and reach record highs in 2024

The first-time buyer market has proven resilient this year, despite historic headwinds, analysis from Yorkshire Building Society has revealed.

Contact us today to speak with a specialist Commercial Mortgages Broker to discuss how we can assist you.

In partnership with business consultancy CACI, the society’s research found that first-time buyers make up a higher proportion of the home purchase market than at any time since the business consultancy began measuring such market statistics in 2016.

Get in touch to discuss your Commercial Finance needs today.

The mutual has seen overall mortgage applications rise by almost a quarter in 2024, despite forecasts from UK Finance that gross lending would be lower in 2024 than it was in 2023.

To read the full article click the link below:

Source: The Intermediary

Marketing No Comments

Housing set to be key battleground for 2024 general election

The UK’s housing market will be a major battleground in the general election – with the main political parties set to outline their plans over the next few weeks, including measure to address the existing crisis.

Contact us today to speak with a specialist Commercial Mortgages Broker to discuss how we can assist you.

The Tories and Labour will be grilled on their plans to support homeowners and renters over the next six weeks with research revealing that housing will be one of the key issues that will help decide the general election.

Get in touch to discuss your Commercial Finance needs today.

Analysis by the market research firm Ipsos shows that British voters are most concerned about the economy, with healthcare, immigration and housing also ranking highly.

To read the full article click the link below: 

Source: Property Industry Eye

Marketing No Comments

UK Mortgage Approvals Rise for Sixth Month to Highest Since 2022

Britain’s housing-market recovery continued into March as mortgage approvals rose for a sixth month, Bank of England figures show.

Contact us today to speak with a specialist Commercial Mortgages Broker to discuss how we can assist you.

Banks and building societies authorized 61,325 home loans, up from 60,497 in February and the most since September 2022. Economists had expected 61,500. Unsecured credit, including credit card debt, rose £1.6 billion, slightly higher than forecast.

Get in touch to discuss your Commercial Finance needs today.

Buyers are being lured back into the housing market by a brighter economic outlook and increased affordability after a sharp fall in mortgages rates since last summer. However, a recent resurgence in borrowing costs has raised questions over whether the recovery can continue.

To read the full article click the link below: 

Source: Bloomberg

Marketing No Comments

Things to watch out for across the UK property market in 2024

The past year has seen the highest mortgage rates on record, influenced by high inflation, the closure of the Help to Buy scheme and increased costs of living, all of which have put the housing market in a unique position.

Contact us today to speak with a specialist Commercial Mortgages Broker to discuss how we can assist you.

Looking to the future, Pete Mugleston, MD and mortgage expert at Online Mortgage Advisor give his thoughts on what the property market might look like throughout the rest of 2024.

Get in touch to discuss your Commercial Finance needs today.

As we head further into 2024 there is a strong indication that mortgage rates will slowly start to go down, which is great news for anyone who has been putting buying a house on hold. Right now, we’re seeing rates for a two-year fixed mortgage at about 5.95% and a five-year fixed at 5.57%, which is lower than before when you consider they were previously at 6.85% and 6.37% respectively.

To read the full article click the link below: 

Source: Property Reporter

Marketing No Comments

Analysis shows long term rebalancing housing market

The average volume of UK properties listed for sale month-on-month rose by 58% in 2023 compared to a year previously, underscoring the rebalancing of supply and demand.

Contact us today to speak with a specialist Commercial Mortgages Broker to discuss how we can assist you.

According to new analysis by estate agency Jackson-Stops, the Isle of Wight was the front runner of this trend, seeing an 83% increase of homes on the market in one year alone, closely followed by Norfolk (78%), Somerset (75%) and Shropshire (75%).

Get in touch to discuss your Commercial Finance needs today.

Jackson-Stops, who analysed average volumes of new listings on Rightmove’s website from 2022 to 2023, say the figures are representative of market resilience.

To read the full article click the link below: 

Source: Introducer Today

Marketing No Comments

Will the Held Interest Rate Change the UK Property Market?

The Bank of England (BoE) announced their decision to hold the interest rate for the fifth consecutive time this week.

The current rate of 5.25% is the highest it has been for nearly 16 years, and it has been held at this level since August 2023. Previous to that, there was a run of 14 increases.

Contact us today to speak with a specialist Commercial Mortgages Broker to discuss how we can assist you.

By keeping the interest rate high, the BoE hopes to curb inflation, which is why they have been cautious about cutting rates despite the potential negative economic impact. Inflation has been falling since it peaked in October 2022 and now stands at 3.4%. However, this is still a way off the Bank’s target of 2%.

Get in touch to discuss your Commercial Finance needs today.

Keeping an eye on these economic announcements is vital in all investment property strategies, and those in the property industry have been keenly tracking the changes in rates and sentiment to help them make their current investment decisions.

To read the full article click the link below:

Source: RWinvest

Marketing No Comments

House prices increased 1.5% in March

Increase exceeds historical trends for this time of year

Average house prices in March increased by 1.5% or £5,279 to reach £368,118, according to Rightmove’s latest house price index.

Contact us today to speak with a specialist Commercial Mortgages Broker to discuss how we can assist you.

This represents the largest monthly increase for 10 months, which Rightmove said signalled the continued recovery of the housing market after a muted 2023.

Get in touch to discuss your Commercial Finance needs today.

This 1.5% increase surpasses the typical average rise observed in March, which historically stands at 1%. Year-on-year house prices have increased by 0.8%.

To read the full article click the link below:

Source: Housing Today

Marketing No Comments

Buy-to-Let Watch: Grab 2024 with both hands

Last year’s mortgage market volatility was unprecedented, to say the least.

Contact us today to speak with a specialist Commercial Mortgages Broker to discuss how we can assist you.

We saw ongoing interest-rate rises, consecutive base-rate increases, and a huge (and often contentious) public discussion about what could be the most extensive legislation changes the sector had ever seen, by way of the Renters (Reform) Bill.

Get in touch to discuss your Commercial Finance needs today.

Speaking with industry peers and my landlord clients, it’s fair to say we’re all happy to put 2023 behind us. And, what’s more, this upcoming year shows a much brighter outlook for the property market.

To read the full article click the link below:

Mortgage Strategy

Marketing No Comments

Rental Market Crisis As Demand Continues To Outweigh Supply

Letting agents have highlighted a persistent high demand for rental properties, coupled with a significant decline in available supply. This imbalance is primarily attributed to the dwindling number of new landlords entering the market, exacerbated by existing tenants choosing to stay put to circumvent the hike in rental prices.

Contact us today to speak with a specialist Commercial Mortgages Broker to discuss how we can assist you.

A recent survey conducted by the Royal Institution of Chartered Surveyors (RICS) among its members has unveiled a noticeable uptick in tenant demand throughout the three months leading to January. Despite this, there’s a sense of the market cooling off, possibly mitigating the ongoing reduction in new landlord listings.

Get in touch to discuss your Commercial Finance needs today.

To view full article please click the link below.

Source: Landlord Knowledge

Marketing No Comments

A third of UK buy-to-let landlords plan to expand portfolios in 2024

Investors are spotting opportunities in the current market as more buy-to-let landlords make plans to snap up further properties in the year ahead.

Market sentiment in the buy-to-let sector has been impacted by a number of factors in recent years, from tax changes to the more recent issue of rising mortgage rates. House prices across much of the country have also slowed their pace of growth – which comes as no surprise after the rapid acceleration of 2020-2022.

However, as is often the case in the UK property market, investors continue to find the most promising assets, in terms of both location and property type, to keep activity strong in the sector. While 2023 was a year of uncertainty, investors are finding more to be positive about for 2024.

Inflation has fallen rapidly from its high point last year, despite the most recent announcement that revealed an small, unexpected rise. Interest rates have also been frozen for some time now, yet lenders have been reducing their rates and unveiling a wider array of products and incentives, including for buy-to-let landlords.

Contact us today to speak with a specialist Commercial Mortgages Broker to discuss how we can assist you.

Along with more positive house price news over the past couple of months, these factors have all combined to influence plans for landlords in the coming 12 months, and the latest research from Together Money has found that more than a third – 34% – of buy-to-let landlords will expand their portfolios this year.

More optimism for landlords

The survey by Together also found that 68% of landlords currently feel optimistic about their business outlook for 2024, despite 10% of respondents saying they they have “reservations”. A quarter of those surveyed also said they were planning to refinance their properties to “support business objectives” this year.

Since the start of 2024, some of the UK’s major banks and building societies have brought fresh, cheaper deals to the table since the start of 2024, including Co-operative Bank, First Direct, HSBC, NatWest, Halifax, Clydesdale Bank and Leeds Building Society, with a number of these lenders also offering buy-to-let mortgage deals.

There is now a growing number of sub-4% mortgage products available for landlords, which is a vast improvement on the peaks of almost 7% last summer. Borrowers are still urged to thoroughly check the details of each product though, as deals with the lowest rate aren’t always the best value for money for every customer.

Of course, some landlords with less borrowing power or those who are simply ready to cash in on their property assets are leaving the market at the moment, but this is also presenting opportunities for portfolio landlords to take on existing buy-to-let properties.

Get in touch to discuss your Commercial Finance needs today.

Should you use a specialist lender?

The research from Together found that 42% of its landlord respondents said they would prioritise using a specialist lender rather than a mainstream one over the next 12 months (although this was specifically related to taking out additional financing for commercial property).

The reasons given were that specialist lenders are often prepared to take on greater risk and offer larger loans, while supporting entrepreneurial plans; an answer which was selected by 39% of respondents. 29% said they’d opt for a specialist lender because they are quicker, while 29% also said they provide the best service.

Where the purchase isn’t straightforward, such as when investing in a house in multiple occupation (HMO), or investing via a limited company, the vast majority of people will need to use a specialist lender. However, for a standard buy-to-let purchase, it is worth including mainstream lenders in your mortgage search.

According to MFS: “Specialist lenders deliver greater flexibility and speed than high street comparatives. Unlike high-street banks, they underwrite their loans manually. This allows them to approach each application on a case-by-case basis.”

The sector is reacclimatising

Chris Baguley, Group Channel Development Director at Together, said: “The short, sharp shock in interest rates since the Covid years triggered some cautiousness in the commercial market while investors were trying to predict where the peak would be. With rates settling, while there is still an overall flattening; activity is returning as the sector reacclimatises to the new environment.