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Bleak Year Ahead For Wolverhampton Property

British homeowners could be in for another disappointing year as Brexit uncertainty threatens to sap all enthusiasm out of the property market in 2019. New housing market data released on Thursday paints a bleak picture. Nationwide reported that house price increases all but stopped in January, making it the worst month for price growth in six years. “Annual house price growth almost ground to a complete halt in January, with prices just 0.1% higher than the same time last year,” said Nationwide’s chief economist Robert Gardner. “The economic outlook remains unusually uncertain,” he said, noting that prices weren’t budging despite “a backdrop of solid employment growth, stronger wage growth and continued low borrowing costs.”

He predicts that average housing prices would only get a meagre “low single-digit” uplift in 2019 and that’s only if the economy keeps growing at a modest pace and unemployment rates and borrowing costs remain steady. Average annual house price growth was around 2% in 2018, slightly weaker than in 2017, according to Nationwide data. This contrasts sharply with the boom days of mid-2014, when average house prices were rising by more than 11%.

“However if you are looking to buy in Wolverhampton now is a great time, once Brexit has been put to bed and done with and the confidence returns to the market prices will start to rise at a quicker pace”. Do not miss the boat as they say the time is now, buy property and wait not waiting for a stronger market when you will pay more”.

Regards Paul.

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Cheap Mortgages In Wolverhampton

First-time buyers and homeowners remortgaging their properties in Wolverhampton have been given some good news at the start of the year as a number of lenders have cut their rates in an increasingly competitive market. The cuts come at a time when the outlook for property sales is at the lowest level for two decades. A report from the Royal Institution of Chartered Surveyors (Rics) said that the looming threat of Brexit had dragged down the UK property market further, with prices falling at the fastest rate in six years.

HSBC said it was reducing fixed and tracker rates. A two-year fixed rate for a loan 95% of the value of the home was cut by 0.1% to 2.99%. A five-year fixed rate was also down 0.1% to 2.29% on a home with 90% loan to value. Both of these moves will help first-time buyers. Meanwhile, Coventry building society dropped the interest rate on its 10-year fixed mortgage – one of the most competitive from 2.35% to 2.25%. However, this only applies where there is a 50% loan to value, so may have a limited number of customers. Accord Mortgages, NatWest and RBS are among the others that have cut rates. Commentators have said that the new rates are a response to increased competition in the market. However this is good news for People in Wolverhampton who are looking for a competitive mortgage product at the moment.

Research shows that mortgage providers have generally left their ranges unchanged during the second half of December, but it seems that some providers have been quick out of the stalls early in January to make sure that they take a competitive advantage into the new year. Coventry was not alone in reducing rates to kick-start 2019. So far January has seen falling rates from HSBC, Furness building society and Accord Mortgages, with the latter making significant cuts in some cases, as well as increasing cashback amounts and decreasing fees on selected products. Virgin Money and Barclays have followed suit, reducing some fees and rates

Contact Paul on 01902 213201 for mortgage advice

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Time To Fix Your Mortgage

First of all I hope everyone enjoyed Christmas and a happy new year to everyone
Some 89% of mortgage shoppers in December are looking at fixed-term deals, up from 85% in November and 83% in October, In comparison, interest in tracker mortgages is flat, accounting for just 6% of searches in the three months. Today, the Bank of England announced it had voted to leave Base Rate at 0.75% – its highest level since 2009 – after it was raised by a quarter of a percentage point in August.
In comparison, interest in tracker mortgages is flat, accounting for just 6% of searches in the three months. Today, the Bank of England announced it had voted to leave Base Rate at 0.75% – its highest level since 2009 – after it was raised by a quarter of a percentage point in August. “Interest in fixed-term deals shows no signs of slowing down as consumers look to protect themselves from future rate rises, while growing uncertainty about the economy could also be playing a part.
“It’s understandable that fixing is proving to be popular, as potential homeowners enjoy the security of knowing what their monthly payments are, but it’s important they consider all their options when it comes to their mortgage.” Previous analysis from Experian found mortgage holders could find themselves overpaying by £1,800 a year if they fail to switch deals when their introductory rate finishes and they slip onto their lenders’ Standard Variable Rate (SVR). Based on the average mortgage amount taken out by Experian customers in October of £151,955 with a typical SVR of 4.39% over a 25-year term, the monthly payment is £822.41 a month. But with customers being offered an average initial rate of 2.38% in October, they would be repaying £672.55 a month – a difference of £149.86 monthly and £1,798.32 annually.
2019 is the year to get your finances in order.