UK Housing Market On The Rise With Higher LTV Lending
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Amidst national uncertainty, the Office for National Statistics (ONS) has released pricing data for March 2020. These figures show a steady increase in average property values of 2.1% per annum.
The ONS has confirmed that it will shortly release the housing prices for April 2020. After this, the index will close temporarily due to the shortage of transactions able to complete.
What Is The Average UK House Price?
The vital question for property buyers is how these values impact housing prices. Using this ONS data, the current UK average property costs £231,855, which shows a small decrease of 0.2% on a month-by-month basis.
How Do House Prices Vary Regionally?
Positive Signs For UK Housing Market Growth
The index pause is a sensible move since it avoids producing misrepresentative figures that do not reflect the reality of the climate within the UK housing market until regular trading resumes.
We predict that, due to a backlog of completions, once trading restores to pre-pandemic levels, this will result in a bounce back and continue the growth experienced before April.
Sale volumes and prices were increasing steadily, and now that the markets have been able to begin reopening lenders are reporting similar demand and mortgage offers in line with those before the lockdown period began.
The Housing Market Bounce Back
Not only will government stimuli help the market quickly resume normal trading levels, but also lenders are looking to expand their flexibility to help keep sales moving.
Revolution Finance Brokers have continued supporting our clients throughout the lockdown. We can secure attractive LTV ratios for investors and property buyers seeking competitive mortgages for new property purchases.
LTV Ratios Available on Mortgage Applications
Extensions to lending are available now, including:
These extended lending policies are making applications more likely to succeed, with generous lending caps enabling funding providers to extend higher lending values against the cost of your property purchase.
New Mortgage Offers
There are several advantageous offers on the market. If you are looking to buy and need advice understanding which would be most beneficial for your mortgage requirements and budget, give the team a call, and we will be delighted to talk them through!
Offers include:
The Best Time To Buy
These competitive offers are helping property buyers jump on to the property ladder, with fixed rates, attractive benefits and high LTV lending assisting the market with returning to a climate of growth.
This news is excellent for investors, with mortgage rates and terms available across the board for all types of buyers.
Professional Mortgage Advice
To take full advantage of the current market deals, give Revolution Finance Brokers a call on 0330 304 3040. Our specialist mortgage team scour the market for the highest quality lenders offering enticing rates, so if you are planning the perfect time to make your move, it is time to act!
Contact us now to discuss your personal options, Revolution Finance Brokers specialise in commercial and residential finance in Essex, Kent, London and Hertfordshire.
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Read moreFCA disclaimer
The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.
We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.