Latest Mortgage Deals in UK Lead to Increased Buyer Demand

Latest Mortgage Deals in UK Lead to Increased Buyer Demand

According to the latest analysis from Zoopla, buyer demand has experienced a significant surge, rising by 11% this month in comparison to February the previous year, thanks to the latest mortgage deals in the UK. This increase is attributed to several factors, including declining mortgage rates and a release of pent-up activity within the market.

Throughout all regions of the UK, there has been a notable uptake in demand, with particularly robust increases observed in London, followed closely by the North-East and North-West regions. Notably, Zoopla highlights that the capital’s housing market has faced challenges due to stretched affordability, trailing behind the rest of the nation for the past seven years.

In examining property values, Zoopla’s data reveals a disparity between London and the wider UK. While the average value of flats in the capital has seen a modest 13% increase since 2016, values across the UK surged by 33% during the same period and by a notable 50% in Wales.

Despite these discrepancies, there are positive indicators suggesting an overall improvement in the health of UK housing. Zoopla points to a notable increase in the number of sales agreed, rising by more than 1/5 compared to the same period last year. This uptake in sales has been observed across all regions and counties in the UK, with six regions experiencing an increase of at least 10%, including London, the south-east, Yorkshire, and the Humber.

Furthermore, there is encouraging news regarding market competition, as the average number of days from property listing to agreeing on the sale subject contract has marginally decreased from 34 days last year to 33 days presently. This reduction signifies a positive shift towards a more dynamic and responsive housing market, benefiting both buyers and sellers alike.

In summary, Zoopla’s analysis underscores the resilience and dynamism of UK housing, driven by increased buyer demand, a rise in sales activity, and enhanced market competitiveness.

MMPE can provide buyers with independent mortgage research, advice, and a quick and efficient mortgage agreement in principle service. Our free-to-download mortgage app Sussed provides buyers with an accurate mortgage affordability calculator, which will provide you with an assessment of the amount lenders would consider lending. Sussed also provides a mortgage sourcing tool built-in, giving you access to all the latest rates in real-time.

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My Mortgage Experts & Protection Experts Ltd (FCA 937076), is an Appointed Representative of King Mortgages Ltd.

King Mortgages is authorised & regulated by the Financial Conduct Authority (FCA). King Mortgages Ltd is entered on the financial services register http://register.fca.org.uk/ under reference number 803561.

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

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      Automatic Property Value Updates

      Changes in property value, coupled with a potential reduction in your loan amount (with a repayment mortgage), mean a change in the equity available in your property (Loan to Value); hence there could be improved opportunities for a better mortgage for you.

      Product Expiry Date

      Sussed will track when your mortgage is due to expire (usually when your mortgage payments rise substantially as you will automatically transfer to your lender’s standard rate).

      The app will alert you when it’s the right time to discuss your options with your mortgage broker.

      Sussed can help you plan.

      Rate Riser

      This feature is ideal for today’s economy and increasing prices. Sussed will continually scan the market, looking for the best-fixed rates available, especially when interest rates are rising.

      Using a series of algorithms, our clever technology can identify longer-term fixed rates available today that could save money against predicted rates at the end of your current product term (including the cost of transfer) – sussed is doing all the hard work.

      Equity Available

      With automatic property value updates and your Mortgage information loaded, this feature calculates the amount of equity and the maximum potential loan that may be available within a landlord’s portfolio. This will assist with seeing if there is the opportunity for to perhaps buy another property from leveraging your portfolio.

      Within sussed, you will also be able to see each of your properties with a roadside picture, a confirmed property value, monthly rental, current mortgage balance, payments, interest rate and the Loan to value/Gross rental yield.

      Sussed can help you manage your portfolio.

      Early Review

      This feature is there waiting for interest rates when they reduce. Using the same technology as Rate Riser, sussed will identify if your current deal is now able to be improved.

      Should the interest rates decrease, sussed will compare deals available on the day with your existing deal and flag if there is an opportunity for you to save money by switching.

      Regional Price Limits

      There are price limits on homes you can buy with an equity loan. The limit is different for each region in England.

      • East - £407,400
      • East Midlands - £261,900
      • London - £600,000
      • North East - £186,100
      • North West - £224,400
      • South East - £437,000
      • South West - £349,000
      • West Midlands - £255,600
      • Yorkshire and the Humber - £228,100

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