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November 14, 2016

#2 Your round-up of the latest property market commentary

Here’s this fortnight’s round-up of the latest commentary and activity in the property market.

Commentary

Mortgage Strategy warns that Trump’s victory could hit property market confidence

  • Volatility in stocks could undermine buyer confidence.
  • Trump’s protectionist policies and previous comments on international trade partners could create further uncertainty as markets respond to his election in the coming months.

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Daily Mail identifies best commuter towns for self-build near London

  • Searchfield homes identified 20 locations as the most profitable places to self-build, with Harpenden topping the list.
  • Projects of this kind are expensive. Building in Harpenden would cost approx. £2m while the cheapest on the list, Maidenhead, would still cost £1.5m.

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Nationwide figures suggests a house will cost six times the annual wage

  • Following Nationwide’s house prices index release, the building society suggests that the last time the prices/earnings ratio was so high was in March 2008.
  • Nationwide says that stamp duty changes may be partly responsible for the increasingly wide gap between earnings and house prices.

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The Telegraph suggests government may be considering a buy as you go mortgage

The Government may be considering allowing renters to build equity stakes in their rented homes with a view to own the property outright after 25-30 years.
Housing associations would be able to add 335,000 homes to the nation’s housing stock in 4 years if the plans were coupled with funding changes to investment rules.
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STV reports on Scottish house prices hike

  • A lack of supply is pushing up prices and demand in the rental market also continues to outpace supply, surveyors say.
  • Prices are set to continue to rise in the next three months.

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Moneyfacts report increasing LTV rate for mortgages

  • Buyers with just 10% have the highest number of mortgage products available to them since 2008.
  • With Moneyfacts UK Mortgage Trends Treasury Report demonstrating nearly 600 products available at 90%, Moneyfacts suggests that its ‘business as usual’ after the UK’s vote to withdraw from the European Union in June.

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Sale of million-pound houses rises in first half of 2016

  • Sky News reports on the increase in houses worth over a million rising by 12%, with most of these within Greater London.
  • The number of million pound towns dropped from three to one. Virginia Water is the only town with an average house price above the 1m mark at £1082,286.

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Activity

Lenders and brokers call for independent housing department

  • Mortgage Strategy reports on Intermediary Mortgage Lenders Association research that suggests 59% of lenders and 48% of brokers would prefer to see an independent housing department, immune from party political changes that have seen 6 politicians as Housing Minister since 2010.
  • The research also shows that respondents would prefer to see the elevation of the Housing Minister to cabinet minister to underline the importance of the role.

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Bank of England maintains 0.25% base rate

  • Despite rumours of a further reduction, the BoE maintained its rate.
  • Mortgage Introducer reports that this is welcome news for industry, coupled with Governor Mark Carney’s commitment to his role until 2019.
  • With the Autumn Statement approaching, Jeremy Duncombe, director of Legal & General Mortgage Club encourages brokers to complete deals as soon as possible to avoid any surprises.

Read more

Brightstar offer unsecured lending product

  • Mortgage Introducer reports that Brightstar has incorporated new functionality with DotBroker that will allow intermediaries to search across unsecured loan lenders.

Read more

For a comprehensive overview of the current state of the property market, look out for our quarterly research on the UK Buy-To-Let market on the blog tomorrow, check out our monthly House Price Watch and and get the LendInvest Capital MD’s perspective in a Letter to a Property Investor.