Energy prices are rising and people pay a ‘green premium’ of £40,000 to live in the most efficient properties rather than less sustainable homes.
Demand for more space is driving house prices higher in the suburbs as the pandemic changes the lifestyles of city homeowners.
Equity release buyers will benefit from more choice as Standard Life is to enter the market and increase competition.
Lenders reduce rates as low as 0.84% for home movers and remortgage buyers with the most equity with more competition.
You pay a £36,116 premium to live in market towns during lockdown, up 8.4% for the year as people look to improve their lifestyle.
Winchester replaces Oxford as the least affordable city to live and work with the highest average property prices now 14 times annual earnings.
As the initial stamp duty holiday ended in July the demand for property reduced by 9% but remains significantly up on normal market levels.
The number of mortgage deals offering 1% interest or less has increased as lenders compete for new and existing borrowers.
UK savings reached £200bn during lockdown and overpayments could reduce interest costs and clear your mortgage years earlier.
Buyer demand in the first half of 2021 exceeded supply which has resulted in 225,000 fewer homes on the market and higher prices.
Demand for coastal living has seen house prices in Britain’s seaside towns rise 10% over the year as homeowners change their lifestyle.
Supply of properties on the market and available to buyers is an all-time low at the same time house prices are at record levels.
Strong demand for houses has driven price growth up 5.2% in the last year which is over four times more than the 1.1% growth for flats.
Fixed rate mortgages are cut to 0.99% for borrowers with large deposits looking to remortgage as competition increases from lenders.
The value of homes transacted has doubled compared to last year as demand for property hits new highs while supply is restricted.
The competitive equity release market has seen over 100 products on the market as providers launch new features to attract customers.
New properties on the market hit record asking prices up 2.1% this month as demand drives sales to the fastest ever pace.
The pandemic lockdown restricts the amount of equity released from properties in 2020 even though interest rates fall to record lows.
The average time it takes to sell a home has reduced to 44 days thanks to high demand and much faster for the top ten locations.
Excess demand over supply is the greatest for a decade and 34% higher than last year sending house prices even higher.
Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.
Equity Release - Equity Released from your home will be secured against it. Mortgages – Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. Think carefully before securing other debts against your home. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.
CONTACT
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Phone:
0800 955 0058
Email:
info@londoncitymortgages.co.uk
London City Mortgages Limited is a registered company in England & Wales under company number 09278987. London City Mortgages Limited is an Appointed Representative (FCA no. 655965) of Blackstone Moregate Limited (FCA no. 459051) which is authorised and regulated by the Financial Conduct Authority. LCM and LCM Equity Release are trading names of London City Mortgages Limited.