Neville Scott Lettings and Property Management » House Purchase

Purchases 9 Remortgages 1

subedar1 — Wed, 07 Oct 2009 08:28:55 +0000

House purchase loans outnumbered remortgage loans by 9 to 1 reported Spicerhaart Financial Services.

The upward trend of house purchase loans is an extremely encouraging sign that the property market is beginning to pick up.

House Prices Rose in September

subedar1 — Mon, 05 Oct 2009 09:56:14 +0000

The Nationwide’s house prices survey reveals that property prices rose for the fifth month in a row in September.

In the last three months, prices are up 3.8% but house prices remain 13.5% lower than their peak in October 2007. The average price of a home in the UK now back to the same level as a year ago, at £161,816.

Also figures for mortgage approvals for house purchase suggest sales activity should increase in the coming months.

House prices are rising due to a combination of low supply and more positive newsfrom lenders so anyone wishing to sell in the near future it appears that now is the best time to do so

£38bn New Lending Pledge

subedar1 — Wed, 16 Sep 2009 09:04:41 +0000

Interesting data released by the Financial Services Authority (FSA) shows that lenders have pledged £38bn in new mortgage lending.

This is £10bn more than was pledged this time last year. Lending for house purchase now accounts for more new lending than remortgages for the first time since late 2007, the FSA says.

In Quarter 2, House purchase lending represented over half of new advances at 51%, and 55% of new lending commitments with Fixed-rate deals accounting for 65% of new lending volumes.

Hoever, the data also shows how steep the fall has been in high LTV lending with the proportion of new lending at over 90% LTV has fallen from its 2007 peak of 15%, to 6% in late 2008 and just under 3% in Quarter 2.

Overall there is optimism that these new commitments suggest the market has stopped falling and may now be picking up, helped by lower interest rates and improved confidence amongst borrowers