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Latest news at David James Estate Agents in Bromley
It has been suggested that low mortgage rates and not a shortage of supply, are behind the huge rise in house prices since the 1990s.
Record low interest rates for more than a decade made borrowing so cheap that buyers were able to take on ever increasing amounts of mortgage debt. This contributed significantly to the 160% rise in real house prices across the UK since 1996.
In a paper...
12% of tenants who moved into new privately rented homes since the beginning of 2018, were previously living in the owner occupied sector.
Unsurprisingly, this percentage is much higher for older tenants. 36% of 50–60 year olds and 42% of over 60s were previously living in owner occupation before choosing to release equity and move into rented accommodation.
Meanwhile, almost...
In June, there were just under 70,000 new mortgage approvals according to UK Finance, which is 5% higher than the level reported in May.
Loans to first-time buyers (comprising 47% of approvals) were once again greater than those to existing home owners (45% of approvals). First-time buyer loans rose by 6.2% in the month.
Lending to buy-to-let investors has remained fairly consistent...
Housing market confidence is closely tied to the state of the economy and strong employment and rising wages would normally support a confident housing market.
However, in the year to June 2019, while weekly earnings rose to 3.6%, house prices increased by just 0.9% over the same period, demonstrating the breakdown in the relationship between earnings and house price growth.
Therefore...
According to the RICS (Royal Institution of Chartered Surveyors) Residential Market Survey, tenant demand is the highest it has been since the end of 2016.
However, landlord instructions have fallen once again following a continuous decline since July 2016. A number of estate agents have noted landlords disposing of their properties owing to punitive regulations, with little new...