| NAEA Market Increase in July |
16-Aug 10 @ 10.36 AM |
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The housing market experienced one of its strongest months of the year so far in July, according to the National Association of Estate Agents (NAEA).
The NAEA’s monthly market report found that demand for housing had increased, more sellers were putting property onto the market and the average agent made more sales than in June.
The average agent in July had 292 registered house hunters, up from 279 in June. Supply was also up, with agents reporting an average of 68 properties on their books, compared to 59 in June.
The percentage of sales being made to first time buyers (FTBs) also increased from 21% to 26%, suggesting that the decision to raise the threshold of Stamp Duty Land Tax to £250,000 is translating into sales.
Michael Jones, NAEA President, said the market report showed that the fragile recovery that has defined the market in 2010 was continuing.
He said: “Demand and supply both increased in July, which is great news for the housing market.
“However we should not get carried away – what we are seeing is a slow, steady and patently fragile recovery. One thing which is interesting is that consumer confidence in the market appears to be high, despite apparent uncertainty elsewhere about the future of the economy.”
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| Increase in Buy to Let Mortgages |
16-Aug 10 @ 10.31 AM |
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Buy-to-let lending is showing signs of recovery, according to figures from the Council of Mortgage Lenders.
The number of buy-to-let mortgages taken out in the second quarter was 24,900, 13% up on the figure for the previous three months (22,000) and 15% higher than the second quarter of last year (21,600).
CML director general Michael Coogan said: “The buy-to-let market has continued to grow, albeit slowly, since the credit crunch. With fewer people able to afford the entry costs to home ownership, as well as the pressure on social housing, tenant demand for private rented property will remain strong.
“Finance for private landlords, whether institutional or individual, is crucial if the UK is to have enough homes to meet the needs of the population.
“Funding conditions for lenders remain tight, but there is every reason to expect the buy-to-let sector to continue to make a powerful contribution to helping meet the country’s varied housing needs.”
The value of BTL lending in the first quarter was £2.4bn, of which £1bn was remortgaging.
Although business is only just over a quarter of its level of three years ago, both the number and the value of BTL loans were at their highest level since the fourth quarter of 2008, apart from the fourth quarter of 2009 when demand was inflated by the end of the Stamp Duty concession.
At the end of June, there were 1.26 million BTL mortgages outstanding, worth £149bn.
By value, BTL mortgages accounted for 12% of all mortgages – the highest proportion by value, as opposed to numbers, since records began. |
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