Call for your free quote 0800 955 0058

House prices firm with strong demand as housing market opens

As the housing market reopens there is demand with 5.2 million visits from prospective home movers supporting house prices.

With the opening up of the housing market by the government, Rightmove has recorded 5.2 million visits by home movers is up 4% on last year indicating demand can support current house prices.

The number of properties listed on the market are 90% down compared a year ago, however, supply of new listings are up 111% week-on-week as house hunters return to the market.

Demand from first time buyers will be lower as lenders withdrew 91% of all fixed rate mortgage products with high 90% and 95% loan to values due to the higher risks of these borrowers.

Home buyers may place working from home high on their list and properties offering this flexibility could attract a premium as commuting needs are less of a priority.

Re-start of the housing market

The Housing Secretary Robert Jenrick announced that the housing market would re-start in England on 13 May 2020 releasing £82 billion of pending transactions.

The housing market reopening was a surprise to the industry as it was expected to remain in lockdown until June.

Social distancing rules to limit the virus spreading would apply to estate agents for viewings, show homes, removal companies and lettings allowing 450,000 home buyers and renters to progress their plans.

The lockdown has not impacted remortgage buyers or buy-to-let landlords at the end of their existing mortgage deal as they can switch to a preferential rate to reduce your monthly repayment costs.

People now have experience working from home during the Coronavirus lockdown and re-assessed their housing needs for more space which may have increased demand in the housing market.

Miles Shipside Rightmove director said, unique enquiries on property for sale doubled from the day before, though we expect consistent momentum to rebuild over several months rather than weeks.

New procedures for housing market

Estate agents are now responsible for implementing the government housing-sector guidelines for social distancing when home buyers are looking for a home.

This means a change in the way people view properties and the government states this should be virtual to start with including technology and video options.

There will be a need for estate agents to screen the health of sellers and buyers should they have Covid-19 symptoms or are in the vulnerable group of people and have procedures to avoid contact with surfaces while in properties.

Virtual viewings should be used initially and physical viewings should only take place if the home buyers are genuinely interested in the property.

Social distancing could be an issue for equity release buyers as they are part of the vulnerable at high risk to the Coronavirus and providers do offer desktop as well as physical valuations.

What are your next steps?

Speak to our LCM mortgage advisers if you are planning to move home, buying your first home, remortgaging your existing home to a new cost effective mortgage deal or are a buy-to-let investor.

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

For equity release buyers our London City Mortgage brokers can recommend lifetime mortgages allowing you to receive cash from your property to help maintain your standard of living as costs rise.


Mortgage Best Buys

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

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

The latest mortgage news


16 Aug 2021

Winchester is the least affordable UK city to live and work

Winchester replaces Oxford as the least affordable city to live and work with the highest average property prices now 14 times annual earnings.

06 Aug 2021

Demand for homes falls 9pc as stamp duty holiday ends

As the initial stamp duty holiday ended in July the demand for property reduced by 9% but remains significantly up on normal market levels.

29 Jul 2021

Mortgage deals under 1pc increase with competition from lenders

The number of mortgage deals offering 1% interest or less has increased as lenders compete for new and existing borrowers.

21 Jul 2021

Savings during lockdown release you from your mortgage early

UK savings reached £200bn during lockdown and overpayments could reduce interest costs and clear your mortgage years earlier.

Call for your free quote 0800 955 0058

  • IMPORTANT

    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.

  • WARNING

    Equity Release - Equity Released from your home will be secured against it. Mortgages – Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. Think carefully before securing other debts against your home. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.

    CONTACT

    Address:
    9th Floor, 30 Crown Place
    London, EC2A 4EB

    Phone:
    0800 955 0058

    Email:
    info@londoncitymortgages.co.uk

    London City Mortgages Limited is a registered company in England & Wales under company number 09278987. London City Mortgages Limited is an Appointed Representative (FCA no. 655965) of Blackstone Moregate Limited (FCA no. 459051) which is authorised and regulated by the Financial Conduct Authority. LCM and LCM Equity Release are trading names of London City Mortgages Limited.

    2021 © London City Mortgages.
    Website designed & developed by Spyre Media