MyPropertyPowerTeam
Find your next rated tradesperson
Find a Tenant The Business Pages for Property Investment Current and archived property articles Join in our Property Investment and Landlords Forum and have your say! return to my property power team home page Services for Landlords Buy to Let mortgages and legals Find your next investment Prosper with Property Education Property Investment networking opportunities
articles > Winter 2009 Mortgage Update
 Article > Winter 09 Mortgage Update

Certainly mixed news as far as mortgages are concerned. The general economy continues to show gradual improvement and this seems to be reflected in the headlines for key indicators of activity.

Connells Survey & Valuation reported that in October there were three times as many valuations conducted compared to October 2008. The three month trend showed an increase of 75% year on year. The figures for 1st time buyers were up but showed lower growth, reflecting the continued lack of mortgages at 90% LTV or above.

Rightmove's consumer confidence index has just been released and confirms that whilst a consistent percentage of people feel it is a good time to buy, few people feel that this is a good time to sell a property. However, a growing number of people consider that next year would be the right time to sell, increasing the available stock.

Moneyfacts confirmed that the number of Buy to Let mortgages available rose from 179 in September to 239 in October. Only 4 of these deals are currently available with a 20% deposit.

The CML reduced it's forecast for repossessions in 2009 to a figure of 48,000 from their original estimate of 75,000. The number of mortgages in arrears (more than 2.5% of the mortgage balance) fell to 1.77% and is forecast to rise only marginally into 2010. They forecast the number of housing transactions at 810,000 this year, rising to 850,000 next year. There is also a cautionary warning about the effect of the removal of exemption of stamp duty below £175,000 at the end of the year.

The RICS monthly housing market survey confirmed a stable market with agreed sales per surveyor rising marginally from 18.5 to 19 over a 3 month period.

The BBA monthly update continues to demonstrate that the house purchase market is leading the way in sales.

What does this mean fpr 2010 - Well it seems that the troubled market isn't completely behind us yet, but a slow and steady recovery is underway and as confidence returns to the market the banks will start releasing more funds and more products - meaning 2010 should see positive news and steady growth on all sides.

 

 
 

Bookmark and Share


Do you want to access all of your credit score files in one place?
No need to register with seperate Credit Check Agencies!

*CLICK HERE*

 
© 2018 My Property Power Team | privacy policy | terms & conditions | contact us | advertise |