Positive growth for Landlords
House prices rose last month at their fastest rate since February, despite confidence in the market at its lowest level in five years. According to the latest figure, annual house prices went up 4.5% in the three months to October – up from 4% in September. This is the third month in a row that house prices have gone up, suggesting the market is recovering following the Brexit vote.
The average price of £226,000 is the highest on record and 2.8% higher than in January this year. The latest report stated that low mortgage rates and shortage of properties on the market, combined with high employment, would continue to support prices. It said that last week’s base rate rise by the Bank of England was unlikely to affect the market. This is very welcome news for the hard-hit landlords around the country.
Recent research revealed that confidence in the UK housing market has fallen to its lowest level in five years, with the ability to raise a deposit seen as the biggest problem to getting on the housing ladder. This is supporting figures that landlords are having a sound year for letting. With demand for housing outstripping supply, property prices continue to rise although not at the rates seen in years gone by.
Buy-to-let mortgages are still plentiful with lenders continuing to offer very good longer-term deals. Landlords have been very active of late and caught onto the idea of re-mortgaging to save money especially those still on variable rates.
Can we assist?
If you are a landlord and looking for a new or wish to review your current mortgage, please make contact and one of our advisers will be pleased to help.