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FEATURED: Chris’s monthly mortgage update – Aug 16

chris-monthly-mortgage-updateLatest mortgage news and rates

Since the EU Referendum, the number of property transactions has slowed, but the market remains robust and property prices increased a little in August too. Mortgage rates remain super low. Read more, including this month’s BEST RATES, here.


This does not constitute advice and advice should be sought in all instances before acting on it.

Your property may be at risk should you be unable to maintain any agreed mortgage payments over the term agreed.


The market is robust

During the month of July, the number of mortgage transactions completed fell from c64,000 in June to c61,000. This is the lowest in 18 months, since January 2015, and a 12.4% fall compared to August last year.

However, the market is still considered “robust yet subdued”, according to experts at Council for Mortgage Lending (CML).

In July, mortgage lending reached £21.4 billion, which was almost identical to June, however approximately 1% lower than July last year.

Of this, £10.4 billion was for house purchases, slightly down on June, which saw figures of £11billion+.

The number of mortgage applications though has been gradually declining since March, when there was a surge in the market to buy ahead of tax changes.


Cheaper mortgages for doctors and dentists

The cut in the base rate has led to a reduction in mortgages for many homeowners. New borrowers should also be able to profit from this all-time low rate of interest.

See here for our Best Rates this month:

TERMTYPERATE OF INTEREST
2 yearFIXED - 65%1.39%
2 yearTRACKER1.29%
3 yearFIXED - 65%1.79%
5 yearFIXED - 65%1.99%
10 yearFIXED - 65%2.49%
2 yearFIXED (Offset) - 65%1.64%
2 yearFIXED - 90%2.14%
2 yearFIXED - 85%1.54%
2 yearFIXED - Buy-to-Let - 75%2.09%
Average lendersStandard Variable Rate4.52%

Figures are sourced from Trigold Prospector. Please note rates do change daily.


Property prices have increased

In August the prices of UK property increased by 0.6% compared with July. The average home is now £206,145, according to Nationwide Building Society.

Compared to last year, August house price figures were 5.6% higher.

Nationwide reported that buyer demand was down, but the number of new homes appearing on the market had also decreased, which enabled the prices to remain steady, due to a balance of supply and demand.

There are no clear indications of whether house prices will pick up again, and it is a case of keeping an eye on market trends.

Some economists predict as much as a 5% fall next year, so if you are planning to sell, it is good to take advice relevant to your area.

This graph by Nationwide, published by the BBC shows year-on-year trends for the percentage change of house prices.

House-price-graph

 


Read more of Chris’s monthly mortgage updates:


specialist-mortgage-adviserGet a mortgage review with Chris

If you would like us to undertake a review of your current mortgage deal or you are thinking of purchasing in the near future and require funding, please contact Chris for a free, no obligation appraisal.
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