27 August 2019

Press Coverage

Halifax reported that house prices fell 0.2 per cent in July. Mark Harris of SPF Private Clients said: ‘The summer is always quieter as people head off on their holidays but with new buyer enquiries up, there are encouraging signs that business may pick-up in the autumn.’ BBC News, 7 August 2019

 

More homebuyers are taking out mortgages into retirement. Mark Harris said: ‘The typical 25-year mortgage term is largely a thing of the past, particularly when it comes to first-time buyers. High property prices mean many borrowers are opting for a longer term in order to achieve lower monthly mortgage payments and help them meet lenders’ tougher affordability criteria.’ The Daily Telegraph, 15 August 2019

 

Official figures from the ONS/Land Registry show that London flat prices were4.3 per cent cheaper in June than in the same month last year. However, Mark Harris said: ‘It is steady as she goes for the housing market, which is no mean feat given that it is the summer months when things traditionally get quieter, and there remains the backdrop of Brexit uncertainty. London is still a drag on average house price growth, with prices falling 2.7 per cent over the year to June.’ The Daily Mail, 14 August 2019

 

Although the vast majority of borrowers are opting for fixed-rate mortgages, trackers are worth a look, particularly as in the long term ‘many forecasters do not expect the base rate to rise for several years’, says Mark HarrisThe Times, 27 July 2019

 

There are more mortgages available at 90 per cent loan-to-value, while rates have also fallen. Mark Harris said: ‘The cost of funds has fallen, meaning lenders could, if they wanted, reduce rates even further. While a race to the bottom is not what lenders want, they would rather hit targets than sit on a pile of cash, so we could see even cheaper mortgage rates.’ The Financial Times, 16 July 2019

 

Homeowners whose mortgage deals are coming to an end this autumn could sae £200 a month by remortgaging. Mark Harris said: ‘Those coming off five-year fixes will find that rates are now considerably cheaper, which should mean you can make a significant saving on your monthly payments.’ The Guardian, 20 July 2019

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