Welcome to August’s Market Update…..
This month we provide a market update and share some interesting research from our wider team…
If you have any questions, or would like to see anything specific in future editions of these updates, please don’t hesitate to get in touch.
Scroll on…..
Let’s take a look at how the market has been shaping up….
July brought a small rise in inflation—a timely reminder that the journey back to target inflation won’t be entirely linear or straightforward.
Despite this bump, the general outlook for the coming year remains positive, though the Bank of England may take a cautious approach on interest rates as they weigh ongoing pressures, especially within the services sector.
Still, our core message remains the same: this is a great time to buy.
Getting on the property ladder is more achievable today than it’s been in some time. The average property price has stepped up by 1% to the £390,000 mark, and with affordability criteria continuing to relax, buyers have access to more options than they did just a year ago.
The latest research by MAB reveals that consumer confidence is still on the climb with no signs of slowing down.
Notably, our data shows that 56% of renters would be ready to buy if their mortgage payments matched their current rent. This signals real enthusiasm among potential homeowners.
As brokers, the onus is on us to have those important, myth-busting conversations with prospective buyers. By sharing knowledge and demystifying the process, we can open doors for more people to find solutions that fit their needs.
Here’s to a successful H2 and the opportunities ahead!
Below we have listed the lowest rates available across a range of LTVs.
Please note these are for illustration purposes only – not all clients may qualify for these. If you need any additional detail, please let us know,
| 95% | 90% | 85% | 80% |
|---|---|---|---|
|
4.89% - Skipton
|
4.50% - West Brom
|
4.27% - Halifax
|
4.23% - Halifax
|
| 75% | 70% | 65% | 60% |
|---|---|---|---|
|
4.18% - Halifax
|
4.18% - Halifax
|
4.18% - Halifax
|
4.05% - HSBC
|
| 95% | 90% | 85% | 80% |
|---|---|---|---|
|
4.60% - Monmouthshire BS
|
4.28% - Furness
|
4.24% - HSBC
|
4.24% - HSBC
|
| 75% | 70% | 65% | 60% |
|---|---|---|---|
|
4.24% - Principality
|
4.18% - Halifax
|
4.18% - Halifax
|
4.05% - HSBC
|
UK annual house price growth edged higher in July, rising to 2.4% from 2.1% in June, according to the latest Nationwide House Price Index.
Link opens a third party website
Link opens a third party website
Mortgage Advice Bureau (MAB) has launched a new financial vulnerability assessment tool, developed in partnership with Comentis,
Following a successful four-month trial, this digital tool enables both advisers and customers to input detailed personal and financial circumstances, resulting in more accurate, consistent, and data-driven insights.
The initiative aims to help MAB meet enhanced Consumer Duty regulations and standardise the early identification and support of vulnerable clients, a growing regulatory focus for the UK mortgage sector.
Very happy with the service received from the of the process, to now, receiving my mortgage offer.
Freya, Jordan and Josh provided excellent service throughout and went above and beyond.
I would recommend MAB to any one.
– B Burke
Collated and developed by Maven
The information pertained in here is not intended for public consumption, it has been prepared for the partners and friends of Mortgage Advice Bureau. Please do not share with consumers or buyers. Thank you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
In some instances, there may be a fee for mortgage advice. We will not charge a fee to those purchasing a new build home who contact us via the details provided. Other branches of Mortgage Advice Bureau may charge a fee. The actual amount you pay to them will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Images courtesy of fxquadro