On Monday 24th July, figures were released showing that the most active sector of the mortgage market for June was the remortgaging sector. According to research that was carried out by Connells Survey & Valuation around a third of the property valuations that were carried out throughout the month of
The building design and construction industries in this country will need to put up with the evidence that more people than ever before are committing to buying a property for the first time in 2017. The Connells Survey and Valuation data has shown that despite the difficulties faced by many
The building design and construction industries in this country will need to put up with the evidence that more people than ever before are committing to buying a property for the first time in 2017. The Connells Survey and Valuation data has shown that despite the difficulties faced by many
BDC 319 : Aug 2024
On Monday 24th July, figures were released showing that the most active sector of the mortgage market for June was the remortgaging sector. According to research that was carried out by Connells Survey & Valuation around a third of the property valuations that were carried out throughout the month of June were from owner occupiers or landlords who were carrying out remortgaging. From the research that has been carried out by Connells, this rate of remortgaging valuations has increased, and is 7% above the five year average for June. As a breakdown of these figures, standard remortgaging valuations cover 23% of the market activity, and 10% is covered by buy-to-let remortgaging loans. Combines, these categories represent more of the market than the first-time buyers, buy to let or standard moving house mortgages. This increase is thought to have been caused by the low interest rates that are on offer at the moment. With predictions that the Bank of England will be increasing the interest rates in August, it appears that people have been making the most of the base rate which has been at almost zero since the crash in 2009. Another reason that remortgaging levels could be high is the lack of choice on the housing market at the minute and the increase of housing prices. These two factors combined mean that homeowners are looking to remortgage and make repayments cheaper, while staying put for longer as well as freeing up funds that could ease financial situations or allow for home improvements so that moving is not necessary. For the buy-to-let market, there ha been a reduction in the level of tax relief that is received by landlords, meaning that they have had their profits cut. For landlords, remortgaging allows them to pay less over a longer period of time in order to free up funds and replace the ones that they have lost through the tax regulation changes. With the tax changes and the looming increase of base rate and interest rates, acting sooner rather than later with remortgaging is wise, and means that there has been a surge in the success of this area of the industry.
The building design and construction industries in this country will need to put up with the evidence that more people than ever before are committing to buying a property for the first time in 2017. The Connells Survey and Valuation data has shown that despite the difficulties faced by many people today and the fluctuations of the housing market, the fact of the matter is that more and more people are deciding to buy a home for the first time this year than they did in 2016. For example, it has been demonstrated that 34 per cent of the activity on the housing market is due to the bustling of first-time buyers, as compared to the previous year when it was only leveled at 25 per cent in 2016. Similarly, more have been shown to sell property this year: the figures indicate a 5 per cent increase in this compared to the previous year which was found to be at 21 per cent overall. What this indicates to someone like John Bagshaw of Connells Survey and Valuation is that more and more people are committing to buying up property for their private selves than in the previous year. Mister Bagshaw puts this down to greater job opportunities being offered to people that enable them to consider the private housing market, whilst another cause of this is claimed to be the fact that the rise in wages to 3 per cent overall is an incentive for making people want to buy property for the first time. In any case, this is clearly signaled to be a wake-up call to the building, design and construction industries to build more homes and develop on greater areas of land than ever before in order to cope with the increasing demands of first-time buyers. Indeed, many of these tend to be in the younger age range and are desirous of starting families in their new homes: greater amounts of bedrooms and investment therefore need to be considered.
The building design and construction industries in this country will need to put up with the evidence that more people than ever before are committing to buying a property for the first time in 2017. The Connells Survey and Valuation data has shown that despite the difficulties faced by many people today and the fluctuations of the housing market, the fact of the matter is that more and more people are deciding to buy a home for the first time this year than they did in 2016. For example, it has been demonstrated that 34 per cent of the activity on the housing market is due to the bustling of first-time buyers, as compared to the previous year when it was only leveled at 25 per cent in 2016. Similarly, more have been shown to sell property this year: the figures indicate a 5 per cent increase in this compared to the previous year which was found to be at 21 per cent overall. What this indicates to someone like John Bagshaw of Connells Survey and Valuation is that more and more people are committing to buying up property for their private selves than in the previous year. Mister Bagshaw puts this down to greater job opportunities being offered to people that enable them to consider the private housing market, whilst another cause of this is claimed to be the fact that the rise in wages to 3 per cent overall is an incentive for making people want to buy property for the first time. In any case, this is clearly signaled to be a wake-up call to the building, design and construction industries to build more homes and develop on greater areas of land than ever before in order to cope with the increasing demands of first-time buyers. Indeed, many of these tend to be in the younger age range and are desirous of starting families in their new homes: greater amounts of bedrooms and investment therefore need to be considered.
