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Property for sale UK explained in numbers
Property for sale in the UK is one of the most talked about subjects among the media and the general public.
2.5% - the 'new normal' interest rate that Mark Carney - the Governor of the Bank of England - expects to take over by early 2017. Property buyers using a home loan are experiencing some of the lowest mortgages rates ever. Although interest rates and mortgages rates are two different things, they are intrinsically linked and when interest rates go up, mortgage rates usually swiftly follow. The historically low 0.5% rate of interest was set back in March 2009, and it was held at the same level during July 2014.
45% - the number of UK home movers who thought their solicitor or conveyancer dragged their heels during their last property transaction. According to Winkworth estate agents (http://www.winkworth.co.uk)
8 - the number of houses for sale a property buyer visits, on average, and 16 weeks before they make an offer, according to a buying trends survey conducted by E.ON. It's worth remembering these figures were produced when looking at a national picture and the figures will be very different in London and the South East. Many estate agents across the UK are reporting days instead of 'weeks on market', with homes snapped up within hours of being uploaded online and offers made without viewings even been conducted.
£17.5 billion - the amount of money lent to borrowers in June 2014, which was 17% higher than the same period during the previous year. On the surface the rise in mortgage lending shows confidence in the housing market, say UK estate agents but there are a number of factors bubbling behind the scenes. Talk of an imminent interest rate rise is sometimes enough in itself to instil a sense of urgency in buyers, who may be rushing to fix into the current attractive mortgage rates and therefore creating a temporary spike in borrowing. On the flipside, finance experts expect the number of home loan approvals to dip in the coming months as the full effects of the Mortgage Market Review are felt. It is though a deeper scrutiny of finances and 'stress tests' will inhibit lending.
£204,168 - the 'average' average house price in the UK. There are many house price indexes released on a regular basis, all using different methodologies to determine the magical average price. It is very rare that any of the figures dovetail: some are based on asking prices, others use sold prices and some use mortgage application figures. It needs no explaining that those figures can vary massively. This 'average' average house price has been worked out using the mean average of the four leading house prices indexes - Nationwide (June), Halifax (June), Rightmove (June) Land Registry (May).
Winkworth Estate Agents