Welcome to our new monthly mortgage market update. A February start, as we may have enjoyed our festive break too much and January was busy helping home movers and new buyers with new year’s resolutions.
THE HEADLINES
Record Rightmove listings on Boxing Day
Rightmove reported a record number of listings on Boxing Day 2024 (26% higher than 2023), with more new sellers coming to market than ever before.
This was accompanied by a record number of visits to the site and sales enquiries (20% higher than 2023).
When is a good time to list your property? Lots of activity is good but there’s also the highest amount of competition. It’s worth having a well thought out strategy when you come to sell your home.
Speaking to a mortgage adviser early in the process and understanding your budget, can help you time the sale of your property efficiently and ensure you get the best price possible.
Nationwide House Price Review and 2025 Outlook
We don’t like to make predictions at MUVADO, but Nationwide’s Chief Economist, Robert Gardner, has been giving his view on the property market.
“Mortgage market activity and house prices proved surprisingly resilient in 2024 given the ongoing affordability challenges facing potential buyers.
For many of those with sufficient savings for a deposit, meeting monthly payments was a stretch because borrowing costs remained well above those prevailing in the aftermath of the pandemic. For example, a typical mortgage rate for someone with a 25 per cent deposit hovered around 4.5% for much of the year, three times the 1.5% prevailing in late 2021 before the Bank of England started to raise Bank Rate.
Upcoming changes to stamp duty are likely to generate volatility, as buyers bring forward their purchases to avoid the added tax. This will lead to a jump in transactions in the first three months of 2025 (especially in March) and a corresponding period of weakness in the following three to six months, as occurred in the wake of earlier stamp duty changes.”
Halifax make it easier for non-UK nationals to get a mortgage
From Wednesday 29 January, Halifax are simplifying their non-UK nationals policy to make it easier.
Halifax are simplifying our non-UK nationals policy to make it easier. If you can answer yes to at least one of the following, you can access all mortgages with Halifax.
Have one of the mortgage applicants lived in the UK for more than 5 years?
Does one of the mortgage applicants have permanent right to reside?
Is individual income £75,000 or more, OR on a joint application is the combined income £100,000 or more?
Halifax aren’t the only lender with flexible criteria for non-UK residents and even if you don’t meet the above conditions, you could still get a mortgage! Contact us and we can help you find you the best mortgage available.
Risk warnings
Your home may be repossessed if you do not keep up repayments on your mortgage