News

How Brexit is affecting mortgages & house prices

It probably comes as no surprise that Brexit has been affecting property prices across the country, from your average semi-detached family home to the millionaire mansions like those found in West London.

But how is Brexit affecting mortgages?

Mortgage lenders have been offering better mortgage deals in the hope that they can entice buyers and convince them that Brexit is not the end of the world after all. However, property buyers are not easy to convince at the best of times and rightly so as buying a house will probably be the largest financial commitment you will ever make.

So, do you take […] Read more

Misery for Mortgage Approvals

According to the Bank of England’s latest figures, mortgage approvals dropped across Britain to a seven-month low during the month of September.

There were 42,581 mortgages approved in the month of August compared with 37,352 mortgage approvals last month.  This is the lowest number of approved mortgages since February 2018 and a year on year comparison shows a 10% drop compared with September 2017 mortgage approvals.

In August 2018 the gross mortgage lending figure was £21.5 billion dropping by £3 billion just one month later in September 2018. The number of homeowners looking to remortgage their properties also dropped in September to […] Read more

Worst performing property market region

According to data collected by Nationwide, the worst performing region for property sales is the North of England.

The finger of blame is being pointed squarely towards new build homes which whilst initially slow to get started in the North of the country as many housing developers chose to build in the South of the country where more money can be made but now the newly built houses in the North are finally being finished and sold, the existing properties on the market are becoming harder to sell.

And who can really blame buyers wanting newly built homes? They are often more […] Read more

Sluggish, Subdued & Stagnant September Sales

According to Halifax, Britain’s largest mortgage lender, the UK’s house prices continue to fall with the sharpest drop in 6 months experienced in September alone. The average house price has now slipped down to £225,955 which is 1.4% lower than August’s figure.

London’s house prices are also falling for the first time since the economic crash hit the capital in 2009 and economists have picked up on the obscure regional differences in property prices and forecast the year on year growth as ‘barley exceeding zero.’

According to the Bank of England, house prices could drop by a massive 35% in the next […] Read more

Re-mortgages up, mortgages down

According to UK Finance figures, new mortgage approvals have dropped by 5% year on year when compared with the figures from August 2017.

If mortgage lending is down, this means that there are either fewer people who are actively looking to buy a property or the ever-tightening criteria that mortgage lenders have put in place is becoming too much of a struggle for many people to achieve.

Could this be another indicator that the property market is relapsing and is about to relive the crash of 2008?  It certainly isn’t good news for the people who have their houses on the market […] Read more

OK Property can solve your ground rent problems!

House builders have been abusing their ability to sell brand new homes on a leasehold basis to an estimated 100,000 potentially inexperienced and likely first-time buyers with high, ever increasing ground rents.

If you are one of these unsuspecting leasehold homeowners, you may be in for a shock.

Leasehold properties are generally associated with flats that have an overall freehold title that is owned, perhaps by a management company and individual flats are sold on a leasehold basis for a period of around 99 years. As a leaseholder, you would be expected to pay a management fee for the maintenance of the […] Read more

The recession 10 years on…

Since the 2008 economic crisis where house prices dropped by a huge 20% over a 16-month period and transaction numbers fell from 1.65 million down to a frighteningly low 730,000 in June 2009, the Government have introduced schemes to try and help the property market recover.

The first of which was to remove the requirement for first time buyers to pay stamp duty back in 2010 and then the Help to Buy scheme was introduced in 2013 with a few changes made to it thereafter.

It took 6 years for the property market to return to normality however, in 2018 transaction levels […] Read more

Emigrating: I need to sell my house fast!

You never know when life is going to ask you pick up your belongings and move abroad. Perhaps you or your partner received a job offer that you can’t turn down, family-obligations require you to relocate, or maybe you’re just ready for a change. Regardless of why you’re moving, circumstances aren’t always ideal for selling your house and you may wish to sell your house quickly to OK Property because:

You don’t want or can’t afford the financial burden of two mortgages
You need the cash from selling your property to help with your relocation costs
You don’t want to rely on an […] Read more

How much further will property values fall in 2018?

In the month of August, the property market value experienced the biggest month on month drop since July 2012.

According to the latest lenders index, annual growth has fallen by 2% in the past year and the month on month values dropped by 0.5% which is the biggest monthly fall since the year London hosted the Olympic Games.

It is a known fact that property values are falling and with the biggest drop having taken place last month, how much more is the average house price going to fall?
At the moment the average house price is £214,745 and according to Nationwide’s chief […] Read more

Correction or Collapse?

Could it be that the steady drop in house prices is actually the property market correcting itself and becoming more affordable? Or is it the start of episode 2 of the economic crash?

That is the question on the lips of many but only time will tell. The Nationwide house price index has recorded a decline in property prices since summer 2017 and to the surprise of many, even the London property market has been affected.

It has been hinted that London’s property market is going to be hit the hardest when Britain leaves the EU after a price drop of 1.6% […] Read more