Wolverhampton Property and Brexit

According to Rightmove the largest property portal in Britain sooner or later there will be a Brexit rally. This is likely to affect property prices in Wolverhampton at some point during the summer. Rightmove has said asking prices on its portal jumped by an average of 1.1% an increase of £3,447 in the month to April 6th. People looking to sell or purchase their home will start to realise that whilst the Brexit extension saga continues, not much is happening and they might as well continue with their property plans.  We have a level of stability at the moment in uncertain times, but the property market has always been unpredictable and always will be.

There is the potential for property prices in Wolverhampton to fall over the short term, but once the Brexit bounce back occurs when it is finally sorted, demand will pick up. When you put the ingredients of cheap mortgage rates and a, pent – up demand together prices will pick up. The reason for mentioning this is whether you are a buy to let investor, a first – time buyer or looking for your next home it is better to conduct your purchase now whilst the market is stable. If you start the process when full confidence in the property returns, the competition will be fierce and it will cost you more money!

Speak to Paul for mortgage advice on 01902 213201

Securing A Mortgage

This time of year is busy for the property market first time buyers are entering into the market searching for their ideal home. But whilst looking for your dream home you also need to discuss your mortgage needs with an independent mortgage broker. There is no point finding your dream only to be told further down the line that you cannot raise finance on the property. You need to meet a lenders criteria, to obtain a mortgage so you can be given a decision in advance. Speak to an independent mortgage broker and get yourself mortgage ready.

Good news for first time buyers, the mortgage lenders are fighting for your business at the moment. However first time buyers need to help themselves and save a decent deposit, if you have a 10% deposit you are more likely to have a choice of lenders to select from instead of a handful if you have say 5% deposit.

Your credit score

You need to find out what your credit score is and then have a look at your credit report, most but not all lenders use Experian so if you use this one to generate your credit report it will give you a broad idea of your chances of obtaining a mortgage. If your credit score is low or the credit report does not make for light reading you can still get a mortgage. There are specialist lenders who will look at each clients mortgage case and make a sensible decision, but the interest rates will be higher and the choice of lenders will be limited. At Apple Finance we place challenging mortgages cases on a regular basis. So don’t let the thought of a impaired credit report stop you from having a conversation with us about your mortgage plans.

At this point when you have a credit report to hand, make contact with Paul at Apple Finance about your mortgage needs on 01902 213201





Can you buy property with NO deposit

A call came into the office in Wolverhampton, it was from a potential first time buyer here’s what they said –

“I want to get out of renting and buy my first property. I am nearly 30 and it seems to be nearly impossible, despite me having a good job and a decent salary”. I said okay lets discuss your circumstances and took down some basic information to build up a picture of their situation. They then said “can I have one of those 100% mortgages I have heard about because I want to keep my savings for a new car”. I replied you will need your parents to place a 10% deposit into a savings account tied to the particular bank who is offering the mortgage product, they were talking about for 3 years. To which they replied my parents have not got that sort of money to put into a savings account. Now the client did not proceed with this mortgage product but they have since applied for a mortgage with a 10% deposit of their own. What I say to clients is if you have 10% deposit then you will have a wider choice of lenders and stand a stronger chance of obtaining your dream home in Wolverhampton.

Most people want to buy their own home, and as a country we have a sense of pride in our homes and our clients have invested in property in the West Midlands for many years. In the long term, house prices should go up in line with average earnings. This includes inflation so, overall, we should expect a rise of 3 to 4 per cent approximately. This is probably the same or more than your mortgage’s interest rate, and means your capital gain on the property should match or exceed your mortgage costs. Some will say “this is a lot better than renting”. But renting is the best route for certain individuals depending, on their job and lifestyle and buying a home is not for everyone.

If you need to discuss your mortgage options then call me Paul on 01902 213201



House prices in Wolverhampton are on the up

House prices in the West Midlands rose by 5.2 per cent In the 12 months to January while those in Staffordshire went up 3.1 per cent. The West Midlands is the second fastest growing region for house prices across the country.

Wolverhampton £151,536   January 2019        January 2018   £142,764   6.1 increase

Cannock               £169,152    January 2019      January 2018   £159,973   5.7 increase

Walsall                £165,986     January 2019      January 2018   £157.785   5.2 increase

Dudley                 £171,643   January 2019        january 2018  £165,194    3.5 increase

Shropshire          £212,168                                January 2019        January 2018  £206,359   2.8 increase

Stafford              £203,618    January 2019       January 2018   £198,404   2.6 increase

The next biggest rise was in Wolverhampton, with house prices going up by 6.1 per cent over the year. Home Buyers are now paying an average of £151,536, compared to £142,764 in January last year. Wolverhampton City (yes don’t forget it is a city now.) was the only local area to boast an increase between December and January, with prices creeping up by 0.1 per cent.

Wolverhampton City was the only local area to boast an increase between December and January, with prices creeping up by 0.1 per cent. In Staffordshire, houses in Cannock now sell for an average of £169,152, a 5.7 per cent increase on the average of £159,973 in January last year. Staffords house prices rose by 2.6 per cent in 12 months. The average cost of a house in the borough is now £203,618, compared with £198,404 last year.

The average house price in the West Midlands is £184,544 compared to £190,590 in Staffordshire. House prices in Wolverhampton are below the national average of £228,147. Despite still being behind the UK average, there is reason for home owners across the region to be optimistic due to high levels of growth. The Midlands and North are showing robust house price growth: Wales showed the fastest house price growth in Britain, followed by the Midlands. So the house values in Wolverhampton are still behind the national average, well this represents excellent value for first time buyers and Buy to let investors. As always if you need mortgage advice call Paul on 01902 213201