Nottingham Letting Agent Property Blog

Latest figures show mortgage approvals have fallen for two consecutive months to reach their lowest level in seven months. In February mortgage approvals fell by 11% to reach 49,019 from 54,719 in January. It's thought this decline is due to a fall in borrower demand, as thanks to the government's Funding for Lending scheme mortgage availability has increased, and there are more cheaper mortgages on offer. It could be that people are putting off buying a home due to the increased cost of living and continued uncertainty over the economy, and it looks as if buyers are choosing to pay down...

Last month the number of mortgage approvals was up 17%, meaning this was the best month for lending since the beginning of the financial crisis. Lending for high loan-to-value mortgages was up by 30%, as the government's Funding for Lending scheme finally takes effect, allowing lenders to introduce a wider range of cheaper mortgages, and there's also been an improvement in lender confidence. In December the number of mortgage approvals was 55,785, but this rose to 65,184 in January. This data is a considerable improvement on January 2012, and experts think it shows quite clearly that the mortgage market is beginning...

Latest figures from Rightmove have shown a yearly increase of 2% in property prices which is the highest annual increase since November 2007. However figures are being skewed by price growth in London, as if the capital city is removed from the equation prices have increased by just 0.2% year on year, but at least this growth is positive. But these figures aren't quite as straightforward as they seem, as many parts of the country haven't seen price falls. Property prices in the South East have fallen by 4.5% in November compared to October, and by 3.4% year on year. Property...

Lenders are finally pledging to make it easier for first-time buyers to get a foot on the property ladder, and a number have already cut mortgage rates for certain products. Experts have pointed out that even though the base rate has been 0.5% for nearly three and a half years, consumers haven't always got a fair deal from lenders. However mortgage rates are now beginning to reflect this low base rate and average interest rates on a fixed rate mortgage are now about 3%. Lenders such as Santander and HSBC are currently offering more competitive products, and in the past week...

According to experts house prices may fall further during the coming months, and will only begin to recover next year. This gloomy news comes as the latest Bank of England figures show a drop in the number of mortgage loans receiving approval. Their data shows 51,098 mortgages were approved for house purchases in May which were worth a total of £7.6 billion. This is the lowest figure since March, and is significantly less than the 25 month high achieved in January.The start of 2012 saw a rush of first-time buyers trying to beat the March deadline for the end of stamp...

Approvals for a home loans have fallen for two consecutive months, as October saw a 1.1% decline compared to the previous month. This decline is being blamed on mortgage lenders who are focusing their attention on borrowers who have larger deposits, and 90% loans account for just 1% of all lending. The cheaper end of the property market is seeing the fastest drop in approvals as buyers struggle to meet the strict lending criteria. Even though it appears as if higher loan to value mortgages are available, the truth is that most first-time buyers simply aren't eligible.In the past this might...