Property passion ignites at Allsop’s Valentine’s Day auction

Property lovers were out in force during the first residential sale of the year for auctioneers, Allsop. The £54m raised from 200 lots recorded a strong success rate of 74% on Valentine’s Day at the new location of the InterContinental Park Lane Hotel, with more than £10.5m was generated from high value investments sold at £1m and above. The highest price achieved under the hammer included lot 26 at £1.9m. An attractive terrace building in sought-after Chiswick, west London, this development opportunity came…

Mortgage repayments more affordable than 10 years ago

New research and analysis from Private Finance has shown that once buyers have made the upfront purchase for their home, the ongoing cost of ownership is broadly in line with levels seen in 1998. The independent mortgage broker revealed that in 2008, the average borrower could expect their mortgage to account for two fifths (43%) of their monthly income (if purchasing alone), compared to 31% of monthly income in 2018. In terms of actual payments, the average borrower is now saving £104 a…

How to step onto the London property ladder in less than five years

ideal flatmate takes a look at an alternative way to save that all important mortgage deposit while renting in the capital without compromising your rental locations, social life or calorie intake. The firm analysed how much the average tenant could save in each borough by opting for a single room instead of renting a one-bedroom apartment of their own, based on the average cost of each across the capital. ideal flatmate then looked at the required mortgage deposit at 10% of the average…

What are the top 5 benefits of downsizing in retirement?

For many retired people on limited incomes, the recently raised utility bill price caps could have a major impact on monthly budgets especially during the cold winter months. Gillian Girling, Chief Executive of Girlings Retirement Rentals, suggests that one of the many benefits of downsizing and renting in a specialist retirement development in later life is lower energy bills, giving people more to spend on enjoying their retirement. Gillian says: “Many over 55s are recognising the benefits of downsizing and renting once they…

Majority of Brits expect house prices to increase in the next 3 years

New research from home moving company, AnyVan.com, has found that confidence of a price rise in UK property remains strong despite the current political and economic climate. With departure from the EU getting closer by the day and the uncertainty surrounding what will happen after, the research revealed that only 41% do not expect property prices to rise over the next 3 years Although many are waiting for the dust to settle, there are many still expecting home values to increase this year.…

‘Wait and see’ mindset results in residential mortgage lending dip

The latest figures released by UK Finance this morning have shown that gross residential mortgage lending in January fell by 1.5% when compared to the same month last year. According to the data, £21.6bn went through the books, with the volume of mortgages approved by the main high street banks seeing a marginal increase of 0.3% against January 2018. Home purchase approvals saw a 1.5% rise, remortgage approvals were down 3.1% and approvals for other secured borrowing were up by 6.8%. This follows…

Less than half of millennials see owning a home as a long-term financial goal

New research released by CEBR and smart money app, Yolt, has suggested that the majority of young people today have resigned themselves to being part of Generation Rent forever. The data found that despite only two in five millennials see owning a home as a long term-financial goal, 64% of this age group are optimistic about achieving their future financial ambitions. Historically, homeownership has been considered one of the most important aspects of growing up in the UK. Whilst the recent Budget included…

BTL product choice at 11 year high

The latest analysis of the UK buy-to-let market from Moneyfacts has revealed that the choice of products available to property investors have increased by 397 over the past year and by 706 over the past two years to stand at 2,162 products today. The number of products has not been higher since October 2007, when 3,305 products were available. However rates are beginning to increase from the record lows seen in 2018. The average two-year fixed buy-to-let rate has increased by 0.20% to…

Cash buyers pay 9% less than those with a mortgage

According to new data from mortgage finance specialist, One77 Mortgages, average house price levels for those buying in Great Britain with a mortgage are 9% higher than cash buyers. Using data from the Land Registry, One77 analysed how much higher or lower the average mortgage house prices was compared to those funded by a cash purchase. With interest rates remaining at affordable levels and house prices at not so affordable levels, it’s no surprise that mortgage sales volumes across the nation are 138%…

46% plan to buy a holiday home in the South of England

A new survey by UK holiday park and holiday home sales operator, Away Resorts, has revealed that, when it comes to holiday homes, the South of England is the most desirable place to purchase, with almost half planning to buy there this year. The survey also asked Brits, who had the cash to buy a UK holiday home, what type of property they plan on purchasing. Alternative homes took the top spot, with the majority, at 37%, looking to buy a caravan or…