Confidence Is Still Building In Wolverhampton Property Market

Confidence is building in the local property market with house prices stable, no significant discounting and average asking price up 3.1%. Smaller homes are the most popular and new instructions are up nearly 7% year on year while the use of online estate agent is rising.

In the second quarter of 2018 interest rates remained on hold, and a strong labour market and wage growth finally picking all contributed to an increasing number of home owners entering the market. A review of 2017 listed prices compared to the price actually achieved shows an average discount of up to 4% for properties sold for less than £1 million, suggesting there is no significant property devaluation occurring.

Online estate agents now represent nearly 8% of all exchanges, an increase of 13% quarter on quarter. Indeed, in the last year, online agents have established a greater footprint across England. The share of the properties they represent has also grown, increasing by more than 30% in most price bands below £1 million.

Smaller homes are the biggest sellers Terraced and semi-detached houses continued to make up the largest proportion of property sales, accounting for over 55% of all exchanges in the second quarter. Both housing types have grown in the last year, driving growth overall. In comparison, flats showed a significant decline in sales volume with the conjecture being that flats now dominate the rental rather than sales market in our major towns and cities.

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01902 213201

Wolverhampton Mortgage News

Demand for ten-year fixed rate mortgage deals increases

IT’S difficult for many of us to imagine what we’ll be doing this time next year, let alone in 2028. But for an increasing number of forward-thinking borrowers, taking a ten-year fixed rate on their mortgage makes a lot of sense.

The thing is, many consumers don’t actually know that a decade-long fixed rate product is available.

In a recent survey, 60 per cent of homeowners weren’t aware that they could take out such a product, even though they have been well established in the market for quite some time. However, once they knew they were available, more than a third of those polled said that they would consider fixing their mortgage for ten years.

So why are ten year fixed-rate mortgages gaining in popularity all of a sudden? 

Mainly because although the current interest rate is still historically low, due to forward governance from Bank of England Governor Mark Carney, we know that the aim is to increase them – once the economy can withstand such a move – to a more ‘normal’ level.  For those who can remember life BCC (Before Credit Crunch) the average Bank of England Bank base rate between 1998 and 2008 was 5.5 per cent.  

“For example, at the moment, the difference between a five-year fixed rate and a ten-year fixed rate can be less than a half per cent, which for customers who are comparing their options, does tend a make them a very appealing choice.” 

“What ever your mortgage needs are contact Apple Finance based in Wolverhampton who will be happy to discuss finance needs”.     Apple Finance   01902 213201

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Wolverhampton Property

Buying A Property In Wolverhampton

Property is the dream for many Britons, owning their own home and feeling financially secure. Research has shown that buying with a partner could be the only way to get on the housing ladder.

Getting on the property market can be tough, with mortgages often hard to get and many being priced out of the market all together.

New research has revealed that a shocking third of people who aren’t on the property ladder, don’t believe they will ever get on it without any help.

Many of the 2,000 people surveyed thought that the only way becoming a home owner would be possible is by buying with a partner.

A shocking 31 per cent of people think they will only be able to buy a home in a couple.

While 10 per cent believed they will never be able to buy a property all together.

The research by Skipton Building Society showed that those surveyed believed it would take around five years for them to own a home.

When it finally came down to buying a property, potential homeowners also revealed their property must haves.

Property location came out on top, with living near shops the top scorer.

Also related to location, living near to family or work came in a close second.

The survey also showed potential buyers biggest turn offs when it came to purchasing a property.

On the other end of the scale, the biggest turn off for would-be-home owners would be a property not being clean.

Other concerns included poor internet speed and not having an outdoor space or scenic view.

 

The survey also found that 26 per cent of potential buyers found estate agents showing them unsuitable properties frustrating.

On top of turn ons and turn offs, the study also asked people who have purchased a home about their decision-making process.

A quarter of participants said their decision was based on “gut instinct”.

Around 8 per cent of people also said that they let their partner make the final decision.

Kris Brewster, head of products at Skipton Building Society, said: “A property choice is the biggest financial decision most of us make in a lifetime and, understandably, people want to get it right the first time.”

For those looking to sell instead of buy, there are a few surprising factors that the millennial market look for when buying.

New essentials for those buying properties include a good wifi connection and lots of plug sockets.

It is not surprising that what Britons are looking for in their homes is changing with the times.

For mortgage advice call Apple Finance on     01902 213 201

World Cup Fever Hits Wolverhampton Mortgage broker

Okay so we admit it, Apple Finance is getting worked up now, there could be a chance for us as a football loving nation to dream the seemingly impossible. We understand almost everyone has put plans on hold whilst watching the England games, however if you do need to sort that financial situation out, contact us before the next England game. Don’t let that mortgage slip onto the standard variable rate. Apply for that mortgage now to get the ball rolling. (sorry).

If you do need mortgage or finance advice then please contact us via the website https://www.applefinance.co.uk/contact or ring us on     01902  213201