Posted by: katalysis
Property Industry Eye announced house purchase and remortgage approvals both bounced back in September after two months of falls, BofE figures show. There were 66,140 approvals for house purchase lending and 44,719 for remortgaging in September, up from 63,636 and 41,347 respectively in August.
Responding to the data, Andrew McPhillips, chief economist at Yorkshire Building Society said: “The housing crisis is arguably one of the most significant issues facing the UK at present, and is producing an inter-generational divide in wealth. “It is not only affecting first-time buyers, but also limiting the number of properties available to existing home owners, potentially leaving them in a home which no longer suits their needs. “In order to subvert this trend, the UK needs to build more houses to ensure that enough properties are available to buy, and reduce the level of house price inflation.”
In other news from the tax dept. - One in four properties bought in the UK in the third quarter of 2016 was a buy-to-let or a second home! The introduction of the 3% Stamp Duty surcharge in April has seen figures published for the first time indicating how many properties are bought to rent out and by those figures it doesn’t seem to have had quite the detrimental effect as some feared.
So there’s a bounce back in the market but supply is still a major issue and will be for some time it seems.
Before putting your home on the market be sure you are making an informed choice by arranging a FREE MARKETING APPRAISAL.