Prices of new build properties in England increased over 17% in a year with record loans from the government’s Help to Buy scheme.
Parents could be better off buying a student flat than paying children’s rent as prices in university towns rise £38,666 during a three year course.
The amount of wealth accessed by homeowners in 2017 by using equity release has increased 55% over the year helped by more products.
Higher house prices and stamp duty mean the cost of moving home in London has risen to £32,092 or 47% higher than a decade ago.
The number of remortgage buyers surge 12% taking advantage of record low mortgage rates to reduce the cost of repayments.
For first time buyers a discount mortgage could save them money rather than fixed rate where the interest charged is more expensive.
Number of home buyers taking out a mortgage in London is up 6% in the second quarter 2017 with strong demand from first time buyers.
There are over 5 million people with multiple properties after a 30% increase in their numbers since the start of the century.
The number of home movers has reduced by -2% creating a shortage of properties for first time buyers and higher prices.
Properties in the East of England are up 7.2% over the year with the fastest growth while London has falling prices over the month.
Homeowners living close to Olympic Park have gained with property prices up 64% in five years outperforming the London average.
The London borough of Hackney is the fastest growing region in the last 20-years based on square metres with house prices up eight-fold.
House price growth in London has dropped to 2.6% matching inflation while other cities are resilient with over 5% increase for the year.
Property values in the UK continue to rise 4.7% in the year despite economic uncertainty while London growth rate reduces noticeably.
Mayor Sadiq Khan has criticised Wandsworth Council for allowing the Battersea development to cut the number of affordable homes.
Strong demand from first time buyers continues as the price paid for homes reaches record highs in London across the country.
After recent falls house prices have rebounded with the smallest gap between best and worst performing regions on record.
Homebuyers can expect tougher affordability tests from lenders when applying for mortgages as Bank of England acts over easy borrowing.
Nearly one in three second steppers require over £20,000 in financial support from the bank of Mum and Dad to buy their next home.
The number of property sales were -7% lower during 2016 with the majority of towns in England and Wales decreasing.
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.
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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.