Table Of Content
- Start your home buying research with a mortgage calculator
- Data safety
- May: Zoopla Reports Record Average Price
- LOAN INFORMATION
- UPDATE 26 August 2021 – Zoopla notes ‘acute shortage’
- Mortgage Rates by State
- December: Signs Of Stability As Lending Rates Reduce
- November: House price inflation edges 12%, average value £270,000
Total equityTotal equity is the estimated value of the property entered by the user, less the loan balance entered by the user. Our experienced lending specialists can answer any questions you have on our loans. Whether you’re ready to buy your first property and start building equity in your home, or you’ve owned your property for a while and are ready to put your equity to good use, we have the tools and tips to help.
Start your home buying research with a mortgage calculator
House prices dropped by 2.7% in the year to April 2023, but Nationwide building society says the market is beginning to show signs of recovery, writes Bethany Garner. Average prices rose 4.8% in Wales (to £185,000), 4.1% in England (to £304,000), and 3% in Scotland (to £185,000). There is also evidence that sellers are being more realistic about their pricing. Almost one in five properties (18%) listed on Zoopla have had the asking price cut by 5% or more, lower than the figure in February, when the number reached 28%.
Data safety
House prices fell 3.5% year-on-year in June, according to the latest House Price Index from Nationwide building society. House prices are under the most price pressure in the South East of England, where prices have seen the biggest fall, by 3%. The number of sales agreed is now 12% below pre-pandemic levels (2019) thanks to a slowdown in June and July. House prices fell 3.8% in the year to July, according to Nationwide building society’s latest House Price Index (HPI), writes Bethany Garner.
May: Zoopla Reports Record Average Price
It’s worth noting that most lenders won’t let you borrow all of your home equity. But the exact amount you can borrow varies based on the lender’s criteria and your unique financial situation. As a homeowner, every mortgage payment you make helps to grow your home equity. In addition to your payments, a rising home value can help you beef up your equity. Instantly calculate what your repayments will be depending on how much you borrow, the interest rate on the loan and the repayment frequency.
Profits for the year to date stand at £4 billion after tax, down from £5.4 billion after tax for the first nine months of 2021. The mortgage market was thrown into turmoil this month when former Prime Minister Liz Truss’ mini-Budget set out an economic agenda that sent gilt yields up and the value of sterling down. It predicts prices will fall by 0.2% in the first quarter of 2023, then by 5.8% in the second quarter, 8.2% in the third quarter and 7.9 in the fourth quarter. House prices could fall by 8% next year before stagnating until 2027, according to experts at Lloyds Banking Group, writes Mark Hooson. Meanwhile, the number of smaller rental properties to let, including one-bed properties and studios, is down 4% on the same period last year, outstripping demand. Nottingham was the top performer in the 12 months to November 2022, with a figure of 11.1%, followed by Leeds (9.3%) and Birmingham and Manchester (both 9.2%).
Average house prices are now at £174,000 in Northern Ireland and £194,000 in Scotland. Regionally, the North East of England saw the highest annual percentage change in the 12 months to August at 3.6%. The mutual says housing market activity is extremely weak, with just 43,300 mortgages approved for house purchase in September, around 30% below the typical monthly average seen in 2019. Buyers are still out there, but for many their affordability is much reduced due to higher mortgage rates. Over the year, the housing market in Scotland appears to be among the most robust with annual falls of 1.1% recorded and properties taking, on average, 37 days to find a buyer. Nationally, asking prices in seven of 11 regions are higher than a year ago.
Mortgage Rates by State
It forecasts the UK house-price-to-earnings ratio will be 6.3 at the end of 2023, in line with the 20-year average. However, September’s fall was less than that of August, when prices dropped by 1.8%, suggesting that the pace of price falls could be slowing down. According to Rightmove, if a property receives its first buyer enquiry on the first day of being marketed, rather than after two weeks, it is 60% more likely to find a buyer. This shows that getting pricing right at the outset could be crucial in the current sluggish market. But Zoopla said the biggest price falls were concentrated in southern English towns, including Colchester (down 3.5%), Canterbury (down 3.4%) and Luton (down 3.3%).
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There was a 1.7% annual increase in England (average house price now at £304,000), with Wales recording by 1.8% (average house price now at £213,000) and Scotland 3.2% (average house price now at £193,000). Prices rose year on year in all UK nations, with Northern Ireland showing strongest growth at 5% (average house price now at £172,000). However, some commentators believe lenders have already adjusted their mortgage rates in anticipation of an increase of this size, so the hope is that the impact on buyers and mortgage-holders will not be severe.
November: House price inflation edges 12%, average value £270,000
Regional house price growth was greatest in the South West of England at 11.9% in the 12 months to September, followed by the East Midlands (11.3%), the East of England (10.4%) and the South East of England (10.3%). The drop in sales was driven largely by rising mortgage rates, which reached over 6% in the wake of September’s mini-budget. Average UK property prices rose by 7.8% in the 12 months to October 2022 according to data from property portal Zoopla, writes Bethany Garner. Regionally, South West England experienced the sharpest monthly drop, with average property prices declining by 3.4%.
The online broker has seen interest in 95% LTV deals account for a quarter of all its mortgage enquiries in recent months, but says that just 1% of its mortgage completions were from 95% mortgages in July 2021. It attributes this to the fact that high LTV mortgages are subject to stricter lending criteria and require higher credit scores. Elsewhere, the building society is offering a 75% LTV deal at 1.00% with a £1,499 fee and a two-year fix for first-time buyers holding a 5% deposit at 2.99% (down from 3.24%) subject to a £1,499 fee.
However, London remains the most expensive region overall, with an average home costing £516,100. Tim Bannister, director of property science at Rightmove, pointed out that the average interest rate on a 75% loan-to-value fixed rate mortgage is now 2.9%, regardless of whether it’s on a two- or five-year term. And while buyer demand is down on last year, it is still far exceeding ‘normal’ levels, said Rightmove, at 26% higher than ‘frenzied’ pre-Covid June 2019. Halifax acknowledged that leading indicators of the housing market have recently shown a softening of activity and that rising borrowing costs are adding to the squeeze on household budgets.
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