News: November 2016

LETTINGS NEWS: Confirmed – stiffer mortgage lending for landlords next year

18/11/16

The government has given the Bank of England more powers to control mortgage lending in the buy to let sector – and that means tougher tests for landlords wanting to borrow. The controls have been in the pipeline for some time but the Bank has now made it clear that from early in 2017 it will impose maximum ‘loan to value’ limits. This means it will tell…

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SALES NEWS: South west house prices up 7.5 per cent in a year

18/11/16

The latest official government house price index has revealed that average values in the UK increased 7.7 per cent in the past year. According to the report, from the Office for National Statistics, the average UK home now costs £218,000 – that’s £16,000 more than a year ago. The market in the south west region closely mirrors the national picture. Prices here have risen 7.5 per cent over…

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SALES NEWS: Big rise in Exeter’s visitors give economic boost to housing market

11/11/16

There has been a significant rise in the number of visitors to Exeter and the amount they spend – a sign of economic well-being that means a strengthening housing market, too. Data from the South West Research Company, a business consultancy, shows that in 2015 the number of UK visitors to the city rose five per cent over the previous year’s total to 423,000; they spent 12…

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SALES NEWS: It’s a Sellers’ Market thanks to shortage of homes on sale

11/11/16

Whether you are preparing to sell your home over the winter or contemplating a move next year, there is optimistic news about the state of the market.  The Royal Institution of Chartered Surveyors, one of the country’s leading bodies monitoring market activity, says there is a “dire shortage” of homes on sale right now and it warns this is likely to remain the case for the next…

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SALES NEWS: More buy to let landlords consider setting up as companies

10/11/16

The Council of Mortgage Lenders says it expects more mortgage products to be launched for small-scale buy to let landlords setting up as companies. The CML says setting up a company is not necessarily appropriate for every landlord and each person considering it should consult an independent financial adviser. But it reports a surge in interest for ‘company mortgages’ even amongst individuals with just one, two or…

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SALES NEWS: Mortgage market still strong as lowest-ever rate launched

10/11/16

The mortgage market remains strong, with latest figures from the Bank of England showing that lending to home buyers and those remortgaging bounced back in September after two months of falls. There were 66,140 approvals for house purchase lending and 44,719 for remortgaging in September, up from 63,636 and 41,347 respectively in August. Meanwhile the Yorkshire Building Society has announced Britain’s cheapest mortgage. At 0.98 per cent…

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