April has proven to be an extremely busy month for the team at Mortgages and Insurer Solutions.
With the government-backed mortgage scheme, which launched mid-April, offering first-time buyers 95% LTV mortgages and the stamp duty holiday extension in full swing, the month of April has seen the property market booming.
According to Rightmove, this is now the fastest-selling market that they have measured since their records began. Tim Bannister Rightmove’s Director of Property Data said “Wednesday 7th April set a record of over 9.3 million visits to Rightmove, and March saw time spent on the site surpass two billion minutes in a month for the first time. Almost one in four (23%) properties that had a sale agreed in March had been on the market for less than a week, which is also the highest rate that we’ve ever recorded. If you’re looking to buy in the current frenetic market then you need to be on your toes and ready to move more quickly than ever before.”
If you are thinking of taking advantage of government-backed mortgage products or would like to discuss ways in which you might be able to release equity in order to purchase additional investment property, speak to our senior broker, Danny O’Keeffe on 0208 364 3444 or click the request a call back button below to book a time slot.
Prices Hit Record High as Properties Sell at Fastest Pace Ever Recorded
According to the Rightmove price index, the national average price of property coming to market hit a new all-time high of £327,797, following a 2.1% (+£6,733) monthly jump. Astonishingly the number of sales agreed were up by 55% on the same period two years ago. This demand has reduced the stock of properties that are available to buy to the lowest proportion ever recorded.
|Nationwide Increases Maximum LTI Ratio to 5.5 for First Time Buyers|
Nationwide has launched a new ‘Helping Hand’ mortgage, allowing first-time buyers to borrow up to 5.5 times their income when taking a five or ten-year fixed rate up to 90% LTV. The Society will also apply a lower stress rate and higher maximum loan-to-income ratio.