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Borrowers can now benefit from the lowest mortgage rates in years, according to calculations from two well-known financial sites.
Research from Moneysupermarket.com suggests that increased competition between lenders has driven down the costs of both fixed-rate and tracker mortgages. This has left rates at their lowest level since the Bank of England cut its base rate to 0.5% in 2009.
A combination of higher taxes, utilities bills and rising prices are eating away at household incomes, according to official figures.
Data from the Office for National Statistics show that families saw the biggest squeeze on their budgets for 30 years as real incomes fell 2.7% in the year to the end of March 2011.
There are signs of increased activity in the housing market with a rise in the demand for property, a survey of estate agents suggests.
According to housing information specialist Hometrack, demand went up by 10.6% in June, as the market revived after a sluggish May. Hometrack’s director of research, Richard Donell, said part of the explanation was the willingness of sellers to drop their asking price to secure a buyer.
A closely-watched survey has given a downbeat assessment of the state of the housing market outside London.
According to the Royal Institution of Chartered Surveyors (RICS), a growing number of property professionals judged that prices in their area fell during May, while activity levels were subdued.
Mortgage lending for house purchase grew in April, according to an industry body.
Figures from the Council of Mortgage Lenders (CML) show that there were 40,900 loans worth £5.9 billion in the month, as against 37,500 worth £5.5 billion in March. But the total was still down on that seen 12 months previously.
House prices edged up a whisker in May, according to the latest Halifax index.
At what is traditionally a busy time of the year for the housing market, prices rose by just 0.1% on average, to leave the price of a typical property at £160,519.
The buy-to-let sector is becoming a more attractive option for investors as demand for rented property increases.
That’s the suggestion to emerge from a survey of landlords by LSL Property Services. According to the figures, 49% reckon now is a good time to invest in property for rental, while almost 9 out of 10 intend to maintain or add to their portfolios over the next twelve months.
Mortgage approvals tailed off this spring – but forecasts and figures from lenders give a more upbeat picture looking ahead.
Latest statistics from the Bank of England show that the number of loans approved for house purchase fell in April by a thousand or so, to 45,166. Nevertheless, the total amount of mortgage lending secured against dwellings remained in line with the average for the previous six months, at £11.2 billion.
Lenders and house builders have been involved in secret talks aimed at easing the supply of mortgage finance, it’s reported.
According to The Times, leading house builders such as Taylor Wimpey and Barratt have been in discussion with the Council of Mortgage Lenders and major banks, including Lloyds and Santander.
The vast majority of first-time buyers look to their parents to help them onto the property ladder, according to a study.
Research from the Yorkshire and Clydesdale banks shows that 84% of those making their first property purchase rely on the so-called “bank of mum and dad” for financial assistance. That’s more than twice the level recorded in 2005.
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