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Housing stock shortage starting to ease, says Rightmove

Michael Brown

Content Writer
Published: 06/07/2022

Homeowners are taking advantage of record asking prices by selling this summer.

The number of prospective sellers requesting a property valuation is at its highest since the start of the year, according to real estate company Rightmove.

Requesting a property valuation is one of the first steps to take when selling your property, and further data found that the number of new properties for sale is up by 14% over the past two weeks compared to the same two weeks last year.

“In recent months, we have reported a slight easing of the market and the pace of price growth compared to the exceptional levels of last year, and now we are seeing signs of some of the pressure on stock easing too,” said Tim Bannister, Director of Property Science at Rightmove.

While there are signs that stock shortage is easing, the market remains active, with the time to find a buyer at a near-record low of 32 days. As a result, homemovers should consider putting their own property on the market first before searching for their new home, said Bannister.

“Our insights from prospective sellers show some delay putting their home on the market, because they think it’s more important to find a new property that they like first, or they are worried about finding a buyer for their current home before they’ve found their next one,” he stated.

“Agents point out this puts them in a less strong position to move quickly in a busy market, where they are competing against other homemovers who may have already found a buyer for their home or don’t have a property to sell.”

Those who wish to find out how much their new mortgage will cost them when moving house can use our charts, listing each mortgage product by the lowest rate.

In addition to this, they can find out more about these offers every Wednesday by reading our mortgage roundup, which summarises the deals with the lowest rates on the market.

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Second charge lending continues to increase in popularity

The majority of loans in March were used for debt consolidation.

Consumers used over £155 million in second charge lending during March, registering a month-on-month increase in value of over 12%.

This is according to the latest research from Loans Warehouse, our preferred loans broker, which also found that lending in the first quarter of the year was up by more than 82% when compared to the same period in 2021.

Not only was the value of loans on the rise, but the number of completed second charge loans broke records too. For March, over 3,200 second charge loans were completed, beating the previous record held in November last year. 

Much of this lending was used for debt consolidation, where borrowers take a loan to pay off their various existing debts and therefore owe one specific lender.

The benefits of this type of consolidation are that in some cases it can reduce the overall interest you have to pay on your debt, and with your debt all in one place it can be easier to manage.

The second biggest use of second charge lending during this month was for home improvements, for which demand has been on the rise. 

Those who are looking to renovate their home to gain extra space should be aware of certain factors, according to our Finance Expert Rachel Springall.

These include reviewing their insurance policy once the works are complete, and the rising costs of both labour and goods for any projects.

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Year-on-year fraud losses increase as Brits lose £1.3 billion in 2021

In addition, a further £1.4 billion worth of fraud was prevented by banks and card companies.

Over £1.3 billion was stolen by criminals through authorised and unauthorised fraud last year, according to UK Finance. Compared to 2020, this was an increase of over £400 million.

Of this £1.3 billion, over £730 million was lost to authorised fraud, where the account holder is tricked into approving a payment to an account controlled by the criminal.

“Authorised fraud losses rose again this year as criminals targeted people through a variety of sophisticated scams, with much of the criminal activity taking place outside the banking sector, often involving online and technology platforms,” said Katy Worobec, Managing Director of Economic Crime at UK Finance.

Conversely, the rest of this figure was classified as unauthorised fraud, where the account holder does not provide authorisation for the scam.

“Unauthorised fraud losses fell last year, but this type of criminal activity remains a major problem,” said Worobec.

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Equity release average rate reaches six-year high

Interest rates are rising within the equity release market. The average lifetime mortgage, otherwise known as an equity release product, now stands at 5.63%, the highest it has been since August 2016.

In fact, the average rate today has now breached 5% for the first time since April 2019.  

Rising in tandem with these rates are the number of people looking to use some form of equity release. Figures from the Equity Release Council for this year’s first quarter saw customers unlock £1.53 billion of property wealth in total. This was up 14% from the fourth quarter of 2021 – previously the busiest quarter on record.

Much of this could be owed to retirement plans hindered by the rising cost of living, forcing some consumers to consider new ways to plug the gap, such as by releasing wealth tied up in their home.

Indeed, further research from the Equity Release Council found that the majority of new customers have chosen drawdown over a lump sum option.

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Best UK savings rates this week

Last updated: 1st July 2022 12:00pm

All best fixed rate offers increase over the past week.

Short-term fixed rate bonds appear to be popular right now. In particular, there has been an increased interest in six to nine month bonds on our consumer website, which could be the result of savers expecting further base rate hikes in the short-term.

While this may be where consumers are most interested, there continues to be movement across the overall fixed rate market. Compared to last week, the top providers on the fixed rate bond market have all changed this week, with better rates. In the easy access market, Al Rayan Bank and Gatehouse Bank both changed their offers this week, as they attempt to offer the best expected profit rate on the market. Meanwhile, Secure Trust Bank also appears on our notice roundup.

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Should I consider a six or nine month bond this July?

1st July 2022

With increased interest for six- and nine-month bonds on our consumer website, we have identified the top rates for this corner of the market. But are these rates worth it, and would you be better off with an easy access account instead?

With increased interest for six- and nine-month bonds on our consumer website, we have identified the top rates for this corner of the market.

Read More
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The best UK ISA rates this week

30th June 2022

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

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Five year remortgage products increase in popularity during May

30th June 2022

Of those who remortgaged in May, nearly two-thirds of borrowers chose a five year product, according to the latest LMS Monthly Remortgage Snapshot. Compared to April, this figure has increased by almost 10%. Like other sectors, average rates for a five year fixed mortgage have been increasing. In April the average rate for a five year fixed account was 3.01%, and as of June this figure is now 0.36% more, according to Moneyfacts data.

Of those who remortgaged in May, nearly two-thirds of borrowers chose a five year product, according to the latest LMS Monthly Remortgage Snapshot.

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Moneyfacts pick of the week

30th June 2022

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

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Best UK residential mortgage rates this week

29th June 2022

Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.

Read More
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Best UK savings rates this week

1st July 2022

Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.

Read More
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The best UK ISA rates this week

30th June 2022

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

Read More
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Should I consider a six or nine month bond this July?

1st July 2022

With increased interest for six- and nine-month bonds on our consumer website, we have identified the top rates for this corner of the market. But are these rates worth it, and would you be better off with an easy access account instead?

With increased interest for six- and nine-month bonds on our consumer website, we have identified the top rates for this corner of the market.

Read More

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