Mortgage Broker Manchester

For years now London has been the poster-child for booming house prices, with nary a day passing us by without headlines focussing on the ever-rising cost of first-time buyers getting on the property ladder.  London has been at the forefront of a booming house market for nigh on a decade – but reports suggest that’s all set to change.
 
According to a forecast released by Savills, the global property consultant and estate agent, London house prices are set to stall in the capital. While prices elsewhere in the United Kingdom will see an average price rise of 2% – with the report suggesting that the North-East will see a 1% rise and 3.5% in Scotland – prices in London itself will remain static at best. In actual fact, in some areas of the capital prices are, surprisingly, going to drop. The wealthy areas of Knightsbridge and Mayfair will witness a 0.5% drop.
There are a multitude of reasons for this sudden downturn after nearly 10 years of sky-rocketing property prices. In part, it’s due to restrictions on lending, and a general wariness on the part of financial institutions as the country crawls out of recession. But, especially in the case of those wealthier areas of London, homeowners are waiting to see who wins the 2015 election after Labour has backed the Liberal Democrat concept of a ‘mansion tax’. The fear is that this tax won’t only impact on those who own genuine mansions, but also affect large family homes which have increased in value through no fault of the owners themselves.
It’s also down to people choosing not to live in the capital due to the already excessive prices for homes. Many are now choosing to commute from the East and South-East – and for that reason, Savills is predicting that prices in those areas will shoot up by nearly 20% over five years. Next year they believe the increase will be 3% – a record for the area. It’s a far cry from Savills original estimate, given at the beginning of 2014, of 8.5% inflation; they now suggest that 15% is a more likely figure.
In another shocking reveal, Halifax has stated that, according to their records, house prices have risen by only 0.8% – that’s the slowest quarterly rise since 2012. The upshot of these many price rises is that, in addition to a prevalence of what’s called ‘hutching up’ – or living with family members – rented properties will increase in popularity. Experts suggest that by 2020 nearly a quarter will be renting, compared to a fifth as it is today.
All of this, despite the fact that last month saw the grand unveiling of the tres-chic apartments at the old Battersea Power Station. Every single one of the 103 apartments have been snapped up, with prices starting at an eye-watering £600,000 – for upmarket property in London, this is, perhaps, not a bad price – but some industry experts reckon that some of the better apartments, penthouses for instance, could be sold for up to £30 million. This all follows news today about the most expensive properties in world – with four of them located in the capital. In addition to a former prep school in Kensington, the mansions of billionaires steel magnate Lakshmi Mittal and Chelsea FC owner Roman Abramovich were also included. However, no prize for guessing which London property was valued at £1 billion – Buckingham Palace, which also makes it global number one.
Getting a foot on the property ladder, or upsizing to a new property, can sometimes seem like a minefield – especially where cost is involved. That’s why here at Search Mortgage Solutions London we’re a professional mortgage broker in London who can offer you fully comprehensive and expert advice with no broker fee. Whether you’re buying your first house, moving to a new property, remortgaging or buying to let, we feel sure we can help you. For more information, please contact us on 0207 554 5685, freephone 0800 756 7794 or 0330 123 1077 free from your mobile and our experienced and knowledgeable staff will be happy to assist you with your enquiries. Alternatively, you can email us atenquiry@searchmortgagesolutions.co.uk.

According to property website, Rightmove, prices of houses in Manchester have fallen by 1.7% which is good news for any potential sellers looking to buy a house in the area. However this isn’t this isn’t uncommon during the quieter winter months.
As a mortgage broker in Manchester, we ensure that we keep ahead of the game to ensure that we bring you the most up to date information in regards to the property market.
The average figure for house prices in the UK is at an average of £267,127, however, this overall figure will include London properties which are priced much higher.
The asking prices of homes throughout the country actually fell during October and continue to during the winter period. This is one of the signs that the property market is cooling. Although, house prices have lowered slightly, demand for property in the Manchester area remains high. In fact this is one of the reasons that prices have lowered because the mortgage lending criteria has been made tighter making it more difficult to fund mortgages for higher priced properties.
Selling has become more difficult in recent months in comparison to earlier on in the year when the property experienced a mini sales boom. 2014 has seen highest amount of housing transaction volumes since 2007. It should however, be noted that during this month, November 2014, the average of stock properties held at estate agents fell to an average of 60 properties.
New properties that have entered the market this month are 1% less than the same time last year and a 15% less than October.
Affected House Prices around the Country
Although house prices in Manchester have fallen, they have varied throughout the country, so let’s take a look at how some of the house prices around the country have fluctuated in comparison to last month – October. 

• South West – 3.9% fall
• North – 3.6% fall
• North West – 3.3% fall
• East Anglia – 0.7% Rise
• London – 0.8% Rise

 The evidence shows that house prices are falling in the North but still remain high in the South. Now is definitely the time think about purchasing a home in Manchester.
As well as offering excellent mortgage advice and services for properties in Manchester, London and Birmingham, we are also an established mortgage broker in Leeds. We can provide first time buyer advice, remortgaging advice, buy to let advice and much more. Call us on 0800 756 7794 for further information.

According to a number of reports this week the fees banks charge mortgage borrowers have doubled in the past five years. Indeed according to The Telegraph consumers are reportedly being charged numerous fees for the administration of their mortgage, with the average arrangement fee having risen from £878 pounds in 2009 to £1,588 in 2014.
Furthermore the article points to research from consumer group Which that suggests that this has resulted in great confusion and made it difficult for customers to find the best deals. For example their study found evidence of 40 different types of set up fees charged by banks, including so called “administration fees”, “booking fees” and “reservation fees”. Adding to the confusion many providers were also found to be using different names for the same or similar fees. Worryingly as a result of this they report that many borrowers have been tricked out of thousands of pounds despite believing they were getting a good deal.
Significantly, mortgage fees can be an important factor to consider when it comes to the cost of a mortgage and can in fact make a big difference. The article quotes Which Executive Director Richard Lloyd, as stating that “The complex range of fees and charges prevent people from finding the best deal as the total cost is not clear.”
As a result of these findings Which are calling upon the chancellor George Osborne to use his autumn statement to help put a stop to sneaky fees and charges on mortgages to make it easier for consumers to find the best deal when it comes to their mortgage.
However according to the BBC a spokesman from the treasury has stated that consumers were protected by the Financial Conduct Authority and are free to choose the best deals, and furthermore that “the government is committed to increasing competition in the mortgage market and making it simpler for customers so they can choose the mortgage that’s right for them”.
Reports such as these demonstrate how confusing the mortgage market can be at times. However here at Search Mortgage Solutions we can help. We are mortgage experts and our Birmingham-based mortgage advisors can help you find the most appropriate mortgage for you, to meet your individual needs and requirements. So if you’re looking for a mortgage broker in Birmingham please do not hesitate to contact us and a member of our friendly team will be happy to help you with your enquiries.

8 October 2014 | By Peter Williams, Executive Director, IMLA
The Government’s U-turn on regulating the buy-to-let market as a result of the latest EU mortgage credit directive has disappointed many in the industry, who thought that the sector would be free from further interference. It comes as no surprise to learn that buy-to-let regulation is back on the agenda, with it being symptomatic of pressures in the wider housing market. The widespread feeling among industry insiders that these measures are neither desirable nor of benefit to the market are certainly not without good cause.
One of the key problems about the directive is the regulatory headaches that will no doubt ensue for lenders. As suggested during IMLA’s recent Great Mortgage Debate, there are many working in the market who believe regulation is already having an impact on volumes.
One prominent worry is that policing these new buy-to-let regulations (and partly due to the complexity of pinpointing these cases) will come with costs, which will be passed from lenders to landlords, and ultimately to tenants.
While our recent debate showed that a slight majority of attendees felt that the Mortgage Market Review has put the market on a more sustainable footing, further Government legislation could lead many to the conclusion that regulation has gone too far.
The key question to ask of the Government is whether the market needs this further policing and it is certainly questionable as to whether ‘accidental landlords’ form a significant enough chunk of the market to warrant the sector’s regulation.
Furthermore, most lenders already treat their buy-to-let lending in the same way they do their regulated lending, so it seems unfair to burden them further when there are seemingly few problems with the current status quo. 

This week, new figures were released suggesting that the UK housing market is booming, with data from the Office of National Statistics showing that house prices increased by 11.7% in the year to August 2014. However, a closer examination of the figures reveals that this increase was largely driven by a significant increase in property prices in the nation’s capital, London.
Significantly, a report from The Telegraph this week revealed that the gap in house prices between the North and South of the country is widening.  As shown in new data from the Office of National Statistics, in August this year, the gap between average property prices in London and the North East grew to its widest in history. The data also revealed that the average house price in London is a staggering £514,000, compared to only £154,000 in the North East of the country.
The rise in house prices in the capital has had a number of consequences for would-be buyers and housing affordability remains a serious issue in London. Indeed, house prices in London are surging at a rate of almost 20% a year and more homes in London are even less affordable now than during the previous housing market peak back in 2007.
However, the Office of National Statistics data also demonstrated that whilst London house prices have shown the largest annual growth, across the UK, house prices are also showing a strong increase. It’s been revealed that in the North West of England house prices have risen by 5.6pc, in line with the economic recovery in cities such as Manchester, which has had a subsequent knock on effect on the property market. Unlike in London, the growth in the property market in these parts of the country has, in fact, had a positive impact for buyers and there’s some good news to be had. For example, as outlined in The Independent, it’s now also easier to buy property than at the start of the financial crisis in 2008, in numerous regions throughout the UK such as the North West.

 With numerous reports, such as these, emerging, the property marketing can sometimes seem like a rather confusing and daunting place. However, if you’re thinking of buying a new property, Search Mortgage Solutions can help. We’re an experienced mortgage broker in Manchester, and our Manchester-based expert advisors can help you find the most appropriate mortgage for your individual needs and requirements. For more information about our services please don’t hesitate to contact us and a member of our knowledgeable team will be happy to help you with your enquiries.

15 October 2014 | By Toni Smith, sales operations director, First Complete
Any borrower or potential borrower who is aware of the situation with interest rates must be very confused. 
If you listen to Bank governor Mark Carney, interest rates will go up imminently; or when unemployment has fallen; or at a point in the near future. At the same time, anyone investigating interest rates will notice that lenders are dropping their mortgage rates, in some cases by quite a lot.
With around 100,000 borrowers about to experience a payment change over the next two months as their existing rate expires, conversations around interest rates will be commonplace and involve conflicting views, with some believing rates are about to increase while others will have recently experienced a reduction.
When confusion reigns like this, there is a much greater need for advisers. Interest rates will rise and probably within the next six months but while lenders are dropping their rates and there are some incredible fixed rates around, it is an opportunity for brokers – not only to help but to create a role as a trusted and knowledgeable adviser.

Property prices are rarely out of the news at present, especially given the recent fall in house prices. People are always looking for opportunities within the property market that they can take advantage of. On the whole, searching for a property is now becoming a much easier pastime, but there is one area where that newfound trend doesn’t hold true, and that area is London.
According to theInternational Business Times, UK house prices blossomed by as much as 11.7% in the year leading up to August 2014, yet this average was hugely skewed by the inclusion of prices within the capital. If London was excluded from the list of average house prices, then the escalation of house prices would actually be just 7.8%, as London’s 19.6% rise is disproportionately large in comparison to many other areas of the UK.
Astonishingly, the average London house price is now in excess of half a million pounds, and the prices on London housing are now surging ahead at a staggering rate. The Guardian reports how London property is now regularly advancing by almost 20% a year in terms of prices, and that’s about five times more than the increases that might be found in the north-east of the UK.
Apparently, only Londoners who command salaries of more than £100,000 can now reliably afford a mortgage in the capital, and that sort of wage is far beyond the average figures in the area (about three times larger, in fact). Elsewhere in The Guardian, it has been related that London houses prices are now even more unaffordable than they were in 2007, which is a significant announcement for those who follow the UK property market.
2007 represents the previous peak of house prices in Britain, so the current situation in London is record breaking. For first-time buyers and couples without two full-time wage earners, the problem of house prices in London is especially hard to overcome, and such families are largely dependent upon the realisation of cooling prices in the capital, a trend which could now be drawing closer.
In terms of record-breaking figures, it should also be noted here that the gap between average property prices across the country is now as wide as it has ever been. The Telegraph notes that August saw the cost gap between properties in London and the North-East growing to an astonishing £360,000, which is more than the cost of the average UK home (approximately £274,000).
London has been seen to have somewhat of a ‘ripple’ effect in those areas that are close to it, but far-flung localities lie outside this ‘bubble’. Many people have chosen to move away from the capital if possible, electing to relocate to other counties in the immediate vicinity, and such activity has boosted prices in the south-east by more than 12%. No such boost has been seen in the North though, and London property is now 3.5 times more expensive than homes in the North-East.
It’s only a few years since London property was hitting 2.5 times the price of property in the North of the UK (these figures were seen back in January 2010), so the opening of this vast North-South divide has been extremely swift. Many people are now hoping that the promised slowing of house price growth in the capital will become evident, and soon, but only time will tell if this proves to be the case.
If you’re trying to get onto the property ladder in London, then it’s very easy to feel that you’re facing an insurmountable obstacle. The attractions of living in London are obvious, but the prices of a mortgage can be a problem, and if you’re in such a situation then contact the team at Search Mortgage Solutions by calling 0207 554 5685 or emailing enquiry@searchmortgagesolutions.co.uk. We’ve had years of experience when it comes to serving as a mortgage broker in London, and can give you the very best guidance and services that you’ll ever come across.

After news last month that UK house prices were falling – an assessment which was backed up by a later survey by the Centre for Economics and Business Research (CEBR), which said it expected a 0.8% drop in 2015 – it may come as a surprise to hear that house prices are now expected to soar in the next five years.
 
The report, co-authored by internet real estate agent RightMove and economic experts at Oxford University, has revealed that by 2019 average property prices will have risen by a staggering 30.2%. Perhaps unsurprisingly, it is London that is predicted to be seriously affected. Prices in the capital look set to rocket by 33%.
 
In comparison, houses in the North West will rise in price by around 24% – this is the slowest in Britain, but is still a hefty percentage. The South East is the area expected to increase the most. There, house prices will shoot up by a colossal 37%, as people feel able to simply commute into London. Of all the areas studied, Southampton is now expected to become the centre of the housing boom, which will see prices go up by 43%.
 
This new report is considered to be one of the most comprehensive on offer. Not only did the study use asking and sold prices, along with surveyor valuations, but also analytics from global, industry and retail forecasting models used by Oxford Economics. RightMove director Miles Shipside claimed that ‘Understanding the path of future house price growth is a key element of UK economic strategy and decision making, and our data driven forecasts contain insight not previously available from other commentators or the Government’s own forecasts produced by the Office for Budget Responsibility.’
 
With high prices, it can be a serious struggling if you’re looking to get on the property ladder. That’s where we can help. Here at Search Mortgage Solutions, we can help. If you’re looking for a reputable mortgage broker in Leeds, simply contact us on 0800 756 7794 or free from your mobile on 0330 123 1077. Alternatively, you can email us at enquiry@searchmortgagesolutions.co.uk.

Last week saw the Bank of England release the results of its new Credit Conditions Survey of banks and building societies. Interestingly, the publication had a number of interesting findings with regards to the mortgage market here in the UK.
Mortgage supply squeezed
Indeed, according to the BBC, evidence from lenders in the survey showed that the number of mortgages made available in the UK fell in the third quarter of the year, which is representative of the first drop in over two years. These findings have been supported by indications from other sources that the housing market began to slow down over the summer months.
For example, the past few weeks have seen a number of reports emerge highlighting evidence of a decline in the number of inquiries from potential new buyers, and houses are remaining on the market for longer before being sold. Furthermore, as reported in The Telegraph back in September, new data compiled by Nationwide showed that house prices fell in September for the first time in almost a year and a half.
According to The Guardian, the survey also suggested that lenders’ concerns regarding house prices had been a pivotal factor in driving their increasing reluctance to offer secured loans. Another key factor thought to have prompted the squeeze, is the introduction earlier this year of the new affordability rules from the Financial Conduct Authority (FCA). These came into effect on the 26^th of April this year and saw lenders adopt stricter rules, such as carrying out more detailed checks and only offering mortgages to people with a concrete and realistic repayment plan, in an attempt to help stop irresponsible lending.
Increases expected
However, the news was not all doom and gloom and the survey also reported some indications that changes may be on the way, signifying that the downward trend in mortgage lending may have in fact only been temporary. Indeed, as outlined in the published report, lenders expect mortgage availability to increase in the fourth quarter, in line with increasing demand, suggesting that the appetite for mortgages is set to pick up again. Significantly, recent weeks have also witnessed a flurry of activity as lenders compete for their market share, offering a number of different incentives including price cuts and even iPads in an attempt to attract customers.
These recent reports highlight the often volatile nature of the mortgage market which can be a pretty confusing place at times. However if you’re looking for a mortgage broker in Birmingham, then here at Search Mortgage Solutions, our Birmingham-based expert mortgage advisors can help you find the most appropriate mortgage for your individual needs and requirements. For more information about our services please don’t hesitate to contact us and a member of our knowledgeable team will be happy to help you with your enquiries.

18 September 2014 | By Paul Thomas
Gross lending shot up 13 per cent year-on-year in August, according to figures published today by the Council of Mortgage Lenders.
Lenders advanced £18.6bn in August, up from £16.4bn in the same month last year.
On a monthly basis, lending was down 5 per cent from the £19.7bn lent in July.
While lending was up year-on-year, CML chief economist Bob Pannell is predicting a slowdown in the coming months.
He says: “The narrative of recovering house purchase and buy-to-let activity continued through August. However, it is important to be aware that this picture is being flattered by strong seasonal factors through the summer period.
“A gentle slowing of lending activity may now be in prospect, as a result of the continuing impact of tighter lending rules and a softening of the London market.”
Iress principle mortgage consultant Henry Woodcock agrees: “The mortgage market is coming off the boil a little after a red hot 2014 so far. While the traditional summer lull is expected, the impact of more stringent and onerous processes as a result of the MMR is still hampering the approvals process.
“But other dampening factors have come into play: affordability remains a key concern, and rising house prices – with those in London hitting a record high – are limiting the prospects of many would-be buyers.”
However, SPF Private Clients chief executive Mark Harris believes lenders will ramp up lending in order to meet their year-end targets.
He says: “As we move into autumn, lenders have one eye on their year-end figures and are ramping up their lending volumes to meet them. Subsequently, there are some excellent fixed-rates available over two and five years so borrowers who are concerned about rate rises should act now to obtain some security.”