End of summer sees property transactions blossoming
The HMRC Property Transactions report for August 2015 reveals: The provisional seasonally adjusted UK property transaction count for August 2015 was 106,480 residential and 10,880 non-residential transactions. The seasonally adjusted estimate of the number of residential property transactions increased by 3.1% between July 2015 and August 2015. This month’s seasonally adjusted figure is 5.7% higher […]
Remortgagors withdraw record amounts of cash from homes as affordability grows
Average amount of equity (cash) withdrawn by remortgaging tops £35,500 per customer – a new historic record and almost double the amount seen in January Improving wages means better affordability despite average mortgage interest rates rising for first time in nine months Remortgage affordability relative to that of purchase mortgages best for three years Remortgage […]
UK summer property market in figures
UK property figures released for June, July and August show an active market as house prices rise, lending increases and demand stays strong. Seasonal Round-up August house prices increase by 9% year-on-year (Halifax) Average UK property price in August (when bought with a mortgage) was £264,250 (myhomemove) Mortgage lending increases 9.3% year-on-year (e.surv) Average LTV […]
Negligence claims concerning property advice on the increase. Lessons learnt?
Over the past few months there have been several claims against law firms resulting from their involvement in property transactions. The last financial crisis, and its effect on property values, meant that many lenders suffered losses for which they sought recompense from their solicitors. The present cases are not all lender-focused, but suggest that claims […]