28 November 2019

Press Coverage

London property prices dropped for the 19th consecutive month, according to the Land Registry. ‘More subdued numbers from the Land Registry come as no surprise, given the political uncertainty which continues to rage, and values are holding up remarkably well considering,’ said Mark Harris of SPF Private Clients. The Evening Standard, 13 November 2019

Explaining the Land Registry figures further to the BBC, Mark Harris added: ‘London is still seeing the lowest annual growth in prices as the capital falls more into line with the rest of the country. While this is welcome for those trying to buy in the capital, let’s not get carried away as it is still difficult to afford property in London and the South-East.’ BBC News, 13 November 2019

The Halifax also recorded that house price growth slipped in October. Mark Harris said: ‘This may be the lowest growth in house prices we have seen all year but it is no surprise as Brexit concerns, coupled with a general election, are thrown into the mix. This trend is set to continue until both of these are resolved.’ The Daily Mail, 7 November 2019

While all the focus has been on cheap fixed-rate mortgages, bargain tracker rates are hitting the mortgage market. Analysis by SPF Private Clients for the Telegraph showed that borrowers could save large sums if they opted for a variable deal – someone taking out Halifax’s 0.98 per cent deal would pay £4,826 over the two years, a £697 saving compared with the cheapest fixed-rate loan. Mark Harris said: ‘This sub-1 per cent variable mortgage really is a rock-bottom rate. And, if rates were to go the other way and fall by a quarter of a percentage point, borrowers really would be quids in as that would mean a rate of just 0.73 per cent.’ The Daily Telegraph, 23 November 2019

Mortgage lending dipped in October, according to UK Finance. Mark Harris said: ‘Gross mortgage lending has fallen slightly compared with last October, reflecting perhaps the high level of uncertainty that continues to hamper the housing market as a whole. Until the general election result and Brexit are settled, it looks unlikely that the lack of confidence this is instilling in the market will change.’ City AM, 26 November 2019