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 and are hoping to sell, perhaps with a desire to be moved out before Christmas.
On the other hand, if re-mortgaging figures are on the up, could this be because home owners are deciding to stay put in their current homes and maybe extending to fit their growing family. Or alternatively, many home owners may be struggling to pay off other debts which have mounted up and re-mortgaging their property is the only way forward for their circumstances.
The Bank of England’s data also suggests that there are fewer first time buyers stepping onto the property ladder. This is bad news if you are a homeowner hoping to sell your property because there’s simply not enough buyers to go round.
According to a former RICS residential chairman he believes that “confidence is in short supply” and “it is now up to the sellers to recognise the market is unlikely to change for the better for some time.” Adding, “Clearly, the market remains fairly flat without too much movement one way or the other, which is reflected on the high street.”
If you have a property on the market and would like to sell sooner rather than later, please contact OK Property today for a free, no obligation valuation.
Unlike many quick sale companies, we will not try to renegotiate an offer which has been agreed. We will offer you the best possible price for your home rather than initially offering 90% -100% of the market value then try to reduce it to 70%-80% further down the sale process like some companies do, we have had many occasions were sellers have turned down our offer as they have been offered more by another company and then called us back 2 or 3 months later having still not completed and the other company has now tried to renegotiate the price to below what we had offered initially.
Apart from the fact that we buy properties ourselves we also have a large database of investors waiting to buy property just like yours, hence why we can complete a sale so quickly, other advantages of selling your home to OK Property is that we do not charge any valuation fees, you won’t have to pay any solicitor fees (providing you use our nominated solicitors), there are no listing fees or commission to be paid which an estate agent would require to sell your home for you and there is no guarantee of sale, price or timescale with an estate agent.
In fact, there are no fees whatsoever! OK Property pay for everything and there are no hidden catches. We simply either purchase your property or introduce you to our investors who are actively looking to add to their property portfolio.
OK Property are interested in buying your property, wherever you live in England or Wales so please contact us today to speak to our friendly property professionals about your home.