From all of us at Mortgages and Insurers Solutions, we’d like to wish you and your families a very Merry Christmas and a happy, prosperous New Year. Thank you for your support throughout the year.
Christmas Opening Times
Our offices will close today at 4pm on Friday 23rd December and are closed all day 28th, 29th and 30th December 2022. We reopen on 3rd January 2023.
The Year In Review
2022 was a year of highs and lows. The pandemic-driven surge in demand for property saw average UK property prices reach £285,579 (+19.4%) higher than at the onset of the pandemic (£239,176 in March 2020)
The continued growth in house prices was supported by low interest rates and strong demand from buyers. Although London recorded the slowest rate of annual house price growth, but at £549,160 still has by far the most expensive average UK property price.
House prices flattened off from mid-year, and fell near the end of the year, as the increasing cost of living put more pressure on household finances and rising interest rates pushed up mortgage costs.
Preparing for 2023
The Halifax housing market review has forecast a challenging 2023. They expect that UK house prices will decrease by around 8% next year. To put this into perspective, such a fall would place the average property price back at roughly the level it was in April 2021, reversing only some of the gains made during the pandemic. There is still uncertainty around this forecast, with the trajectory for Base Rate (now expected to peak at 4%) and unemployment levels key to determining any future changes.
Mark Edwards Principal of Mortgages and Insurers Solutions said “If your mortgage product is coming up for renewal in the next 6 months, you should speak to us about our new FlexiLock service. This is a great way to secure the lowest cost and most suited product for your circumstances.”
What is FlexiLock?
With our new “FlexiLock” approach, we will search the market for the most suitable product for you and continue to monitor this right up until the product goes live.
Our experienced brokers will liaise with you multiple times before the product goes live. And if we find a lower overall cost or more suitable product for your circumstances, we will switch the product over.
In practice this means cancelling the rate we had secured and swapping over to the improved rate. This is done with no extra broker’s fees charged to you for the FlexiLock service.
Lets discuss your mortgage
If you would like to discuss a mortgage on a new or current property, please use the Schedule a Call button or call and speak to our senior broker, Danny O’Keeffe today on 0208 364 3444.