The new Carolean age brings a new era of homebuyers - Enzo Mora of The Mortgage Brain
By Enzo Mora, CEO and founder of The Mortgage Brain
One thing King Charles will never do is apply for a mortgage; his homes now include the Duchy of Lancaster that's 45,670 acres of land across rural estates in England and Wales, Balmoral Castle in Scotland, Sandringham in Norfolk and a couple of prime London properties. We'll try not to be envious!
Many budding homeowners have their sights set a bit lower than a castle to climb on the first rung of a ladder, with a flat more likely being the first place to call home.
The latest data from Rightmove says that the number of sales being agreed is back to pre-pandemic levels and the increase is being driven by the sales of flats which are now 10% higher than in March 2019.
Renters could find they can afford to buy
The shortage of homes to rent continues to be a problem and rents are still outpacing earning growth. Would be buyers are reviewing their finances and due to higher mortgage rates are looking at buying a more affordable flat rather than a house, so this is contributing to the rise in flat sales.
A report from build to rent specialist Sigma Capital says that only 62% of renters describe themselves as 'very' or 'quite' happy, largely due to the lack of security of tenure with just over a third worried that they could be asked to leave at any time. I was interested to hear that Skipton Building Society is looking at offering a new mortgage aimed at renters who can't afford to save to a deposit and are trapped as long-term renters. The idea is that if they can prove they have always paid their rent on time, they could qualify for a mortgage that doesn't need a deposit. It's early days but watch this space.
We always encourage first-time buyers to let us look at their finances, very often we can show them that they can in fact afford to buy a property. If that's you, please do contact us and end the pain and cost of renting.
And breathe easier
Would you consider how clean the air is around a home you're thinking of buying? New research from estate agents eXp UK reveals nearly two-thirds of homebuyers actively avoided areas of high air pollution when on the hunt for their current home.
Over 3,000 UK homebuyers who have purchased their property within the last six months were asked to gauge how important air pollution was while they made their decision with 67% saying it was a concern.
Mortgage ready for buying a brand-new home
We know from our partnerships with leading housebuilders that buying a brand-new energy efficient home is top of the pops for many buyers, especially as we are all having to pay more for our gas and electric.
New homes are selling really well this year but if you want to beat the competition to the front of the reservation queue, we can help you get a mortgage in principle before you start your search. More good news is that if you're referred directly to our team from a UK house builder you won't pay any arrangement fees. That's definitely something to celebrate!
To find out more about The Mortgage Brain, visit www.themortgagebrain.net or call 0333 340 8888.
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