Property Outlook 2019

The UK’s property market experienced a promising first month of 2019, the market gained momentum throughout January, with national figures showing month-on-month growth in new listings For Sale at 113.1% while figures for properties Sold remained on trend at 45.6%.

It soon becomes clear that 2019’s figures were more robust than those recorded in the same period of 2018. New listings For Sale the West Midlands 110%.  Towards the end of 2018 the the usual seasonal declines but the figures remained comparatively robust. Now a month in to the New Year, activity has picked up and this month’s figures have exceeded those recorded in 2018 and 2017. Now well into the New Year, activity has picked up and this month’s figures have exceeded those recorded in 2018 and 2017.”

Wolverhampton News

Perton Park Golf Club, which is based off Wrottesley Park Road, has had its 50 hectares of land offered up to developers to be turned into almost 1000 homes, due to concerns over long-term financial viability. The club has been put forward as part of the Black Country Core Strategy, which will eventually decide where homes will be based across the region in the next 20 years. “So this is bad news for Golf enthusiasts and good news for people in or looking to move to the Wolverhampton area, the long term view with declining membership is for housing as the demand in the Wolverhampton and surrounding areas is ever increasing”. Thanks for reading and if you do need advice to purchase or remortgage a home. Contact me Paul at Apple Finance on  01902 213201

 

Property repossessions the lowest since 1980

Property repossessions In Staffordshire the lowest since 1980

The number of homes repossessed in the UK fell to its lowest level since 1980 last year, industry figures show. There were 4,600 homes repossessed by mortgage lenders from owners who were unable to keep up with repayments on their home loans. Low mortgage rates and a less aggressive attitude from lenders has meant low levels of repossession in recent years.

The figures from UK Finance, which represents lenders, showed that the number of landlords falling behind on mortgage repayments was unchanged in the final quarter of last year compared with the same three months in 2017. However, within this group, there was a 7% rise in buy-to-let mortgage holders with significant levels of arrears, defined as 10% or more of the outstanding mortgage.

There are just over nine million homeowners with mortgages in the UK, and they have been encouraged to keep a close eye on their finances. “If you do have concerns about your current mortgage product speak to Paul  your local Independent mortgage broker about reviewing your financial situation at the moment apple finance are offering a free impartial review.”

“There is no room for complacency. Possessions may be declining but that can change and borrowers need to be prepared. We suspect that when it comes to their finances there are many people who don’t have a buffer to tide them over should they get into difficulty. Interest rates remain at low levels but there is always a chance they could rise. Borrowers must plan ahead and consider how they would cope if this happens. So you need to plan ahead speak to an Independent advisor about your options moving forwards with a long term plan.

 

What Will Happen To Wolverhampton House Prices

What do you think will happen to house prices in Wolverhampton after Brexit

Well, that is an easy answer they will go up. Whether we leave with a deal, leave without a deal or even if we don’t leave at all, they will go up. It is just a case of when, how quickly and by what amount. Even with Brexit uncertainty affecting the UK property market, now is an excellent time to be a first-time buyer. If you are thinking of buying your first property, you will face less competition from other potential buyers in such a quiet market. When Brexit is over with, there will be more first time buyers looking and therefore more demand, which will increase prices. If you buy now you could end up paying less than if you had waited. First time buyers have never had it so good Brexit uncertainty is making it easier for first-time buyers to get a good deal on a home. House prices have stagnated in some parts of the country, especially in London, fewer  buyers around has forced some sellers to accept offers way below asking price.

 

As well as taking advantage of the current “buyers’ market”, first-time buyers can also benefit from historically low interest rates on their mortgage. This has led to monthly mortgage repayments being lower than rent in most of the UK. You’re also throwing away less money. For example, if your monthly mortgage is £1,500, the amount you are paying in mortgage interest may only be around £500. ‘I’ve seen sellers willing to accept 15% below asking price’ This means around £1,000 a month is being knocked off the total amount owed. If you were to rent a place for a similar amount, the whole £1,500 would essentially be money down the drain, as you are paying someone else’s mortgage. So if you can save for at least a 5 per cent deposit to buy a property, there is still the potential to save money every month. Plus, home-buyers can now secure a low fixed mortgage rate for five years at a competitive rate to protect themselves from future interest rate rises. Mortgage deals have never been cheaper for home buyers in Wolverhampton.