Wolverhampton House price growth

Property prices across the Black Country and Staffordshire have almost trebled in the past 18 years.

A study has found the average price in Wolverhampton alone have shot up 183 per cent, from £50,814 to £143,980 – a difference of £93,166.

And it’s a similar story across other towns with property price increases since the year 2000 even higher in Dudley, up 189 per cent, Walsall, 198 per cent and in West Bromwich, 204 per cent.

In Stafford, prices have gone up 189 per cent, and in Cannock 193 per cent

Ron Darlington, partner at property auctioneer SDL Bigwood, said: “There is currently huge demand in the Black Country.”

Mr Darlington said property prices had probably gone up quicker in West Bromwich and Walsall due to first-time buyers from Birmingham looking at neighbouring areas.

Wolverhampton was ranked 86th out of 100 towns and cities for property price increases in the study by HouseSimple.com

Wolverhampton council aims to see 2,043 new homes built by 2026.

 

Plans are in the pipeline been approved to convert the former Telecom House and Crown House in the city centre into apartments.

Tim Johnson, deputy leader at Wolverhampton council, said: “We have a target on homes we have to deliver which is why we’re looking at former office blocks.”

Dudley was ranked 79th in the study. Dudley Council set a target in 2014 for 16,127 homes to be built by 2026.

They include 237 properties on industrial land in Shaw Road, Dudley, 250 on land off Darkhouse Lane in Coseley and 124 off Deepdale Lane in Upper Gornal.

If you are looking to buy your first home or are looking to remortgage then contact Apple Finance on 01902 213201 we are available until 9:00pm tonight.

August interest rate rise gets closer

Its time to fix those mortgage rates, come August there could be some people in Wolverhampton who have a shock to their monthly finances. August interest rate rise moves step closer the Bank of England has held interest rates but signalled an August rate rise is more likely than previously thought. In a decisive move, Andrew Haldane, the Bank’s chief economist, joined two other Monetary Policy Committee members in voting to raise rates to 0.75%. The nine-member MPC was split 6-3, with Bank governor Mark Carney leading the group who voted to hold rates at 0.5%. The last time three people “dissented” from the overall view, in June 2017, rates rose the following November. But economists believe that if the economy does show signs of picking up, an August rise is in play. Government borrowing figures published on Thursday boosted hopes among some economists that the economy may be gaining momentum. The pound jumped by about a cent against the dollar following the Bank’s decision, climbing back above the $1.32 level, as the possibility of an August rate rise appeared to increase. https://www.applefinance.co.uk

Mortgage lenders return to interest only

Mortgage companies are warming up to interest-only loans as several lenders have re-entered the market in the last year.

Data published by Moneyfacts, the financial analysts, showed the number of lenders offering interest-only loans increased to 33 in the last year. This charge has largely been driven by the mutual sector with Accord (part of the Yorkshire Building Society) and the Hanley Economic, Hinckley & Rugby and Leek United building societies entering the market. “I have clients in Wolverhampton who have used  these particular building society’s and been very happy with the product and the recommendations regarding the mortgage”.

 Interest-only mortgages are loans where the borrower is not required to pay down the overall debt each month, instead they merely pay the interest accrued on the loan. While this makes the monthly payments much cheaper, it means the customer has to pay off the entire cost of the property at the end of the term. However, things have changed and lenders are looking to satisfy the needs of borrowers the City watchdog, the Financial Conduct Authority, had recently loosened the rules on retirement interest-only mortgages, which would also boost the sector. “At Apple Finance we’ve seen an increase in the demand for interest-only mortgages, in the Wolverhampton area, due to lifestyle changes, equity releases and niche customer situations.

“More lenders are coming back into this area to offer interest-only mortgages. Seeing mainstream lenders in this space means that the criteria has expanded, so interest-only mortgages are no longer restricted to high income earners or those with lots of equity.” Of the big banks, Barclays, NatWest, Royal Bank of Scotland and Santander all offer interest-only loans, but only to wealthy borrowers with a large amount of equity in their properties or sizeable deposits.

If you do have a mortgage enquiry for a no obligation chat contact Apple Finance on 01902 213201

 www.applefinance.co.uk/mortgageadvice