In the news…
FLAT AS A PANCAKE
Statistics from the Land Registry reveal an increase in the average price of houses across the UK, contrasting with a fall of 2% in flats and maisonettes. Various reasons cited for this fall include a distrust of leasehold properties, prompting first-time buyers to favour renting a leasehold apartment while saving a more substantial deposit, to make a freehold house their primary purchase.
APPROVALS AT DECADE HIGH
In July, the number of home loans approved by UK mortgage lenders hit its highest level for ten years, totalling 95,126 approvals, the highest monthly total since July 20092. Remortgages were the driving force behind these levels, with households taking advantage of the competitive rates available. On an annual basis, remortgage approvals were 19.4% higher, mortgage approvals for home purchases were 16.4% and approvals for other secured borrowing 12.7% higher.
GREEN MORTGAGES SET TO FLOURISH
The government has pledged £5m as part of its Green Finance Strategy. Money from the Green Home Finance Innovation Fund is set to help the financial services industry offer more green mortgages, the perks of which can include a reduction in the rate for customers who upgrade the energy rating on their home.
2UK Finance, Aug 2019
A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.