First-time buyers take 22.4% of the market

Around 22.4% of mortgage approvals were for first-time buyers in May, up from 20.2% in April.

Overall approvals also rose by 6.4% from the month before to 66,479 on a seasonally adjusted basis.

Richard Sexton, director at e.surv, said: “There was strong growth in the mortgage market in May, with approvals rising significantly compared to April.

“While the base rate may have stayed at 0.5% in May, speculation continues about the next increase, which appears to be coming sooner rather than later.”

Housebuyers are six times more likely to struggle to find deposits than parents’ generations

A third of people preparing to buy their first house are six times more likely to struggle to save for their deposit than those buying 20-30 years ago, self-storage company, Space Station, has found.

While one in three people (33%) currently saving for a home said they had been forced to delay by the challenge of saving a deposit, only one in 20 people (5%) who bought their first home between 1988 and 1998 reported the same struggle.

Highest number of new sellers list properties in May

May saw the highest number of new sellers list their properties in any single month since pre-2017, the latest Property Supply Index by online estate agents HouseSimple.com has found.  

Across 100 major UK towns and cities,73,577 new properties were marketed by estate agents in May, compared to 68,500 in April, a 7.4% increase.

Majority of Brits are regaining confidence in the property market

Some 84% of British homeowners expect property prices in their area to rise over the next six months, up 14% from November 2017, according to Zoopla.

Its ‘Housing Market Sentiment’ survey found that property prices are expected to rise by 6.9% in the respondents' areas over the same period, up from 4.9% in November 2017 - the largest increase in consumer confidence since the first half of 2016.

Average UK house price slides by £7k in April

House prices fell during the first three months of the year, with the average cost of a dwelling in the UK tumbling by more than £7,000 in April, according to the latest figures from Halifax.

The data provides further evidence of a housing market slowdown, revealing prices have plummeted by 3.1% between March and April 2018 and by 0.1% over the first quarter of the year.

What’s more there is evidence of low confidence among consumers, whose optimism in the market is at a five year low, said Halifax.

House price growth increases to 2.6%

Annual house price growth increased by 0.5% to 2.6% in April 2018, Nationwide’s House Price Index has revealed.

This represented an increase from 2.1% in the year to March, after prices increased by 0.2% from March to April.

Robert Gardner, Nationwide’s chief economist, said: “In recent years, we have seen a recovery in first time buyer transactions, which are now broadly in line with pre-crisis levels.

“The easing in credit availability, including schemes such as Help to Buy, have helped boost activity.

Up to a third of millennials 'face renting their entire life'

Up to a third of young people face living in private rented accommodation all their lives, a new report by the Resolution Foundation has found.

The think tank said 40% of "millennials" - those born between 1980 and 1996 - were living in rented housing by the age of 30.

That was twice as many as "generation X" - those born between 1965 and 1980.

The government said it was already putting policies in place to improve the housing market.

Average two-year fixed rate hits 19-month high

The average two-year fixed rate mortgage has increased for the second month in a row, reaching the highest point seen since September 2016, according to new Moneyfacts data.

Average two-year fixed rates have risen from 2.32% in April 2017 to 2.43% today - just one basis point lower than the 2.44% recorded in September 2016.

Moneyfacts says this increase in rates could be due to the withdrawal of products from the 60% LTV sector, which have fallen below 500 for the first time since September 2016, reaching 495 today.

Mortgage approvals remain ‘volatile’ – Bank of England

The mortgage market remained volatile in February, according to the Bank of England, as its latest lending data showed a drop in approvals.
Encouragingly, lending value continued its annual growth of 3.3% last month with total volumes hitting £22.2bn – slightly below January’s figure of £22.8bn.

However, the Bank of England recognised that the current mortgage market was jittery.

New listings up 2.5% year-on-year

There was a 20% increase in sellers listing their properties last month, according to research carried out by online estate agents HouseSimple.com.

This follows a 40% boost in new supply in January.

The latest Property Supply Index from HouseSimple, which looks at the number of new properties listed by estate agents across 100 major UK towns and cities, shows that total new estate agent listings rose from 56,041 in January to 67,182 last month. However, comparing February 2018 with February 2017, the number of new sellers coming onto the market was just 2.5% higher.

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