Property recovery back on track - Mortgages - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Property recovery back on track

Property recovery back on track

Category: Mortgages

Updated: 01/06/2010
First Published: 01/06/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Home sellers are making the most of the scrapping of the Home Information Pack (HIP), with thousands of new properties being put on the market in the last week.

The rush of new listings has given the housing market a welcome boost after a few weeks in the doldrums caused by the uncertainty over the impending general election.

According to Rightmove, the number of new listings on its website increased by more than a third (35.4%) in the week after the announcement compared with the preceding week.

"We would expect to see a post-election pick-up in fresh stock coming to the site," said Miles Shipside, commercial director of the property website.

"However, 35% is a significant increase in new listings, and indicates that many more speculative sellers have been encouraged to bring their properties to market since HIPs were scrapped.

"It seems that the additional cost and red tape were putting sellers off."

The news comes as another survey also revealed that the housing market recovery had picked up pace following the distraction of the election.

First time buyer activity was found to be 4% higher in May than in April.

Meanwhile, remortgaging activity grew year on year, rising by 63%, but dropped by 5% over the month, as the number of mortgage deals available remained constrained.

"The housing market's recovery seems firmly entrenched, and we are in much better shape than 2009," said Ross Bowen, managing director of Connells Survey and Valuation, who conducted the research.

"But, we are not in the clear yet. The prospect of public spending cuts – and the rise in unemployment these may bring - looms on the horizon.

"We need to wait for the new Budget to see how the new government will maintain the recovery's momentum."

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Homemover numbers fall for first time since 2011

The mortgage market enjoyed a record year in 2016, so it may come as a surprise to hear that the number of people moving home has fallen for the first time in five years, with fewer apparently taking advantage of the market.

2016: the best year for remortgaging since 2009

Remortgaging has certainly seen a surge in activity of late, helped in no small part by the dramatic drop in mortgage rates over the last year, so much so that 2016 as a whole proved to be the best year for the sector since 2009.

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.
 
Close