Quick Move Blog
Tuesday, 27 April 2010
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Thursday, 22 April 2010
The number of first time buyers fell to a 17 year low in 2009. Just 347,000 first time buyers took out a mortgage last year. This figure is 100,000 below the prevous low in February 1993 and is half the 700,000 in the year ending April 2005 and below the averagw of 561,000.
This fall can be largely attributed by the tightening of lenders' restrictions, with larger deposits being demanded for first time buyers with best rates reserved for those borrowers with a deposit of 60% of more.
Monday, 19 April 2010
Mortgage lending jumped in March, up 24% on February at £11.5bn. However, the total lending for the first quarter of 2010 was down on the same period in 2009 and were at their lowest level since the first quarter of 2000.
Overall, the figures indicate a subdued market which we expect will continue thoughout this year.
Friday, 16 April 2010
The National Assoc of Estate Agents has confirmed a report earlier this week that activity in the housing market has picked up, with the number of potential sellers at its highest level for six months and the number of prospective buyers up 7%.
A Rics survey early this week showed supply picking up strongly, leading to a possible stabilisaiton in prices. The NAEA survey shows the number of properties on agents' books rising from an aveage of 56 to 60 in March.
Sales have also risen from an average of 6.8 per branch in February to 8 in March, no doubt helped by the improvement in the weather!
Tuesday, 13 April 2010
The nunmber of house sellers jumped in March, to a level not seen since March 2007, just before the housing market slump. The RICS report shows that instructions from sellers outstripped enquiries from buyers for the 3rd month in a row, in a change that is likely to see a slowdown in the rise of house prices as the supply of houses increases.
The average number of unsold houses on surveyors' books increased by 6% in February to 67 per surbveyor, still far short of the 90 at the peak of the market.
The number of new home loan granted to buyers in February was 12% higher than in January but more significantly, it was up 49% on a year ago.
Annual house price inflation rose to 7.4% in February from 6.2%.
Tuesday, 6 April 2010
The new stamp duty holiday for first time buyers that was announced in the recent budget may have sparked an increase in potential buyers. Moneysupermarket.com has seens a 15% rise in first-time buyers searching for mortgage deals in the past week. While Easter is traditionally a busy weekend for the property marketing, Savills also confirmed an unusual increase in first-time buyer activity.
Lombard Street Research has released a new report warning that the UK housing market is potentially trapped in a long-term bear market and that prices may not recover their peak of 2007 for many years.
They warn that the 25 year bull run of rising prices could be simialarly match by a 25 year long bear run, as a consequence of the credit crunch, with a huge tightening in the long term availability of credit. They foresee that house prices in the next 3 to 5 years will be flat at best.
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