Arv Soar and Property Investment Portfolio have recently been featured in the Midland’s Business News online magazine for their work in Industrial Property in Mansfield. The full article can be read on the following link:
http://www.midlandsbusinessnews.co.uk/2010-03/rock-valley-soars.aspx
Figures from a recent survey show that mortgage approvals across the UK fell by 17% in January, as the housing market experienced a steep fall in activity.
There were a total of around 48,000 loans in the pipeline for January, a low level not experienced since May 2009. Gross lending was down at just over £10 billion in January, compared to around £13.5 Billion back in November.
The general hangover from Christmas and the weather have certainly not helped matters, but two things are also becoming very apparent over the last few months. Firstly, first-time buyers seem to be favourable with lenders at the moment, with some excellent products on the market for potential clients with a good credit history. Secondly, buy-to-let rates are falling gradually with several new competitive products hitting the market over the last few weeks. However, as our last article suggests, the number of mortgage applications being refusaled has risen. These figures are however not always entirely representative of the true story in the marketplace. Many refusals are made to potential borrowers walking in to their high street bank and getting point blank refused.
Speaking to a mortgage broker who is whole of market can dramatically increase your chances of obtaining a mortgage, and often at a far superior rate than your high street bank can offer. Our recommended brokers are all indusrty wide – ie they can scour the market to find the best rates on offer from all lenders, and not just one or two that you can speak to in person. They are also very familiar with lending criteria for each lender, and can ensure that the criteria for the products they put you forward for are in alignment with your age, income and employment status, to name just a few.
For more information on how our recommended brokers can help you or for a free chat, email us at info@propertyinvestmentportfolio.com and we will ask one of our recommended brokers to get in contact at a time convenient for you.
According to a report just released by Connells Survey & Valuation the number of valuations cunducted in February increased by 22%, compared to the same month last year. Activity has also increased for the sixth consecutive month, which reinforces reports from many estate agents that consumer confidence is returning in the housing market.
First time buyers help increase demand in February, with around 63% more first-time buyers requesting valuations in February than in January. There was also a month on month increase in valuations carried out by current homeowners looking to move – also up by over 40% on January.
Valuation activity for those looking to remortgage and buy-to-let activity also rose in February with valuations carried out for buy to let investors surgin up 81% and remortgaging levels levels doubling compared to January. However, these increases from buy-to-let investors and those looking to remortgage were from a very low January base – mainly due to the difficulties in obtaining mortgages in these sectors.
Managing Director of Connells Survey and Valuation Ross Bowen commented, “Traditionally, the valuations market begins to see a boost in activity in January following the Christmas lull. January witnessed a hangover from re-instating the lower Stamp Duty threshold while the arctic weather conditions disrupted some buying activity. However, February saw househunters back on to the streets in force, with activity bouncing back as a result.”
He added “In January, we saw first-time buyer activity drop off slightly compared to December. Many first-timers had rushed to make their transactions before stamp duty holiday ended. In February, demand bounced back. Consumer confidence has been buoyed by nine months of rising house prices, and more and more people are considering buying a home. Homeowners have seen their properties reclaim much of the value lost during the downturn. Many who previously delayed see now as the right time to move properties.”
News today of a 1% fall in house prices across the UK for the first time in 10 months.
Nationwide, after carrying out their monthly survey commented,
“The price of a typical UK property fell by a seasonally adjusted 1.0% month-on-month (m/m) in February, ending a strong run of nine consecutive monthly increases. The relatively smoother three month on three month rate of inflation remained positive at +1.6%, though this is down from +2.0% in January and a peak of +3.7% in September 2009.”
Nationwide’s chief economist Martin Gahbauer said,
“There is evidence from a range of indicators that the market may have lost momentum in early 2010 as the stamp duty holiday ended and house hunters were obstructed by the icy weather. New buyer enquiries dropped sharply in the New Year and there was also an associated drop in the number of new mortgages taken out by homebuyers in January.”
He added,
“Even without the impact of stamp duty changes and the snowy weather, it would have been surprising to see house prices maintain the very strong upward momentum seen for most of 2009.”
Bad weather has also been blamed for the disappointing housing & overall consumer confidence in the United States this week.
The apparent easing of finance by several banks we feel should begin to compensate for the stamp duty changes in coming months.
Now is still an excellent time to be buying – with prices and mortgage rates still relatively low and rental yields for investors still high.
More news on UK Price changes at the end of March.
Property Investment Portfolio
Lettings Co-ordinator Required
Property Investment Portfolio is rapidly expanding it’s property management business in Hull and has an immediate vacancy based at its Anlaby Road offices for a lettings co-ordinator.
The successful candidate will need to demonstrate a high degree of self motivation and the ability to work under his / her initiative. The job will require excellent administrative and communication skills, IT literacy is essential, the role is customer focussed. The post will offer significant opportunities for career progression.
Telephone: 0845 652 4343
Please forward applications to: info@propertyinvestmentportfolio.com
