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Fewer homeowners think their property has increased in value for November

For the month of November a survey from Halifax showed 14% of households believe the value of their homes has increased.

Across the UK only 14% of homeowners think the value of their property increased in November compared to 17% during September and October, according to the House Price Sentiment Tracker from Halifax.

The tracker usines a single figure to gauge changing attitudes with a figure higher than 50 indicating households believe house prices are rising and below 50 if house prices are falling.

For the third month in a row the tracker is above the neutral level although November is 51.6 reducing from 52.4 in October making it harder for first time buyers to get on the property ladder.

Households expects prices to rise

For the fourth consecutive month the Halifax tracker has registered a figure greater than 50 expecting house prices to rise and is now at 54.8.

In the next twelve months more households expect prices to rise than to fall with 27% of those surveyed expecting their home to be worth more compared to just 16% back in May.

With house prices rising, remortgage buyers switching to a new deal can release further capital to increase work space in their home such as extension or loft conversion.

People are more optimistic with just 18% expecting their property to be lower in value in twelve months compared to 34% in May and home movers are more likely to sell and trade up to a bigger space.

Property prices are a barrier to buying and for those renting, 67% did not have the savings for a deposit, 55% said they did not have the earnings and 26% had a poor credit score.

Renters struggling with a deposit can receive help from family members as the equity release buyer can access cash using a lifetime mortgage and gift the deposit for a home to children and grandchildren.

Households planning to buy a home

Even with the ongoing lockdowns and economic uncertainty, 8% of households intend to buy a property in the next twelve months with 13% aiming to buy in two to five years.

In London and the South East the figure was higher with about 11% planning to buy in the next year whereas only 2% of households in Scotland intend to buy.

The most likely buyers are those aged 25-34 with 13% in the surveyed planning on buying a home compared to only 6% for those aged 18-24 and 3% when aged 55-64.

Changes in property values differ with regions with people living in Yorkshire and Humberside think prices have increased the greatest followed by the South West.

Those living in East of England, Wales, London and the North East think house prices have reduced and buy-to-let investors could find cheaper properties here which would mean a smaller deposit or better yield for their investment..

What are your next steps?

Call our LCM mortgage brokers for advice if you are a first time buyer, want to remortgage your existing home for the best mortgage deal, moving home or a buy-to-let investor.

For equity release buyers our London City Mortgage advisers can recommend lifetime mortgages allowing you to receive cash from your property to repay an interest only mortgage or purchase a new car.

Learn more by using the property value tracker chart, mortgage costs calculator and equity release calculator. Start with a free mortgage quote or call us and we can take your details.

Mortgage Best Buys

These are examples of mortgage products we can approach with many more offering interest rates and flexibility to meet your needs.

1.16% Fixed Rate
60% Loan to Value
£1,525 App Fee
Until 01/11/2022
Reverts to 4.09%
1.19% Fixed Rate
60% Loan to Value
£999 App Fee
2-Years Time
Reverts to 3.59%
1.17% Fixed Rate
60% Loan to Value
£1,025 App Fee
Until 31/09/2022
Reverts to 3.59%
1.18% Fixed Rate
60% Loan to Value
£1,034 App Fee
Until 31/10/2022
Reverts to 3.59%

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    Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.


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