Halifax
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Latest property news
Is the Brexit effect on the property market beginning to wear off?
The Halifax says Declines in activity are beginning to ease off although despite high employment prices have been starting to soften.
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Latest property news
Mortgages at their most affordable for 10 years, says Halifax
Halifax announces best home loan affordability for a decade, with borrowers spending less than a third of their disposable income on mortgage payments.
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Latest property news
Historic high: UK housing market now worth £6 trillion
The value of the nation’s homes passed the £6 trillion mark for the first time in its history, the Halifax has revealed. It says house price inflation of 5% over the past year has pushed up the total market value of homes in the UK by nearly £400m so far this year, raising the total to £6 trillion. It’s not all due to house price rises, agents may be happy to note. Since 2007 the number of private dwellings available to be sold has increased by 1.9 million, Halifax says. Although this sounds punchy, it only represents a rise of 190,000 homes being added to the stock every year – far less than the 300,000-yearly run rate that the government recently said it wanted to achieve. Housing market London has led the charge for both additional homes and house price rises, reflecting the huge demand for homes to buy in the capital. The number of homes added to the stock in the capital over the past decade totals 250,000, Halifax says, while London homes on average have increased by 71% to an average of £579,761. “The value of housing stock has grown by close to £2 trillion in the past…
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Latest property news
House prices make a surprise return to growth
House prices have rebounded and are rising by 4% a year, lender the Halifax has revealed in its latest house price index. The surprise rise was driven by an 0.8% hike during September, the second month during which house prices have picked up, driving up the year-on-year increase figure from 2.6% in August. This has also pushed up the average house price to £225,109, the highest ever figure. “UK house prices continue to be supported by an ongoing shortage of properties for sale and solid growth in full-time employment,” says Russell Galley, Managing Director of Halifax Community Bank (pictured, left). “However, increasing pressure on spending power and continuing affordability concerns may well dampen buyer demand.” The bank says property sales in the UK “remained flat” in August but exceeded 100,000 for the eighth month in succession, although mortgage approvals fell during August by 2.7% when compared to July. New instructions Using RICS data, the Halifax also says new sales instruction fell for the 18th month in a row although overall the average stock on estate agents’ books edged up by 1% during September. “It seems more than apparent that the UK market has found its feet and is starting to…
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Features
Property market – regional cities shine as London loses lustre
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “Birmingham leads cities like Cardiff, Liverpool, and Manchester in terms of house price growth.”
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Latest property news
Mortgages for grannies and grandads!
Following Barclays’ launching the 100 per cent mortgage, stirring up much debate concerning the bank of mum and dad, the Halifax announced that they are increasing the mortgage lending age limit from 75 to 80. A 55-year-old person will be able to take out a 25 year mortgage and have until their 80th birthday to repay the loan. Halifax said, “As demographics and working habits continue to change, we continually review our products and policies to ensure they reflect the evolving needs of our customers, including those who wish to continue working longer.” Matthew Graves, Sales Director at Enness Private Clients, said, “Thankfully, attitudes to older borrowers in the mortgages market are changing. “At Enness we once had an 88-year-old client who, in spite of his substantial assets, income and impeccable business records, had been rejected by every lender he approached; we were only able to secure him a mortgage by speaking directly to the underwriters. Someone’s age is not necessarily an indication of how credible a borrower they are and, although this latest development is a step in the right direction, rigid upper age limits should be regularly reviewed.” In the same day, Barclays launched their new 100 per…
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Housing Market
First-time buyers make up nearly half of all mortgages
First-time buyers in this country now account for almost half of all homes purchased with a mortgage, a rise of 38 per cent since 2011, owed in part to a surge in first-time buyer mortgage deals, new research shows. The study from the Halifax revealed that first-time buyers make up 47 per cent of all mortgage-aided acquisitions, while the deposit that they have to pay has increased by 6 per cent over the past 12 months to an average of £29,894, reflecting a general rise in property prices over the past year. The average first-time deposit is now 82 per cent or £13,494 higher than in 2007. Overall there were an estimated 139,500 first-time buyers in the first six months of this year, down 7 per cent year-on-year, but while this is the first annual decrease on this basis since the first half of 2011, it is still the highest total for the first six months of the year since 2007. Craig McKinlay (left), Halifax Mortgages Director, said, “There was a modest decline in the number of first time buyers in the first half of the year following the substantial increases recorded in 2013 and 2014. This fall has been…
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