Despite house prices reportedly dropping across the UK, the avg property in the UK is £281K.
Bradford is the most affordable UK city with the smallest disparity between property cost and avg yearly salary.
Employees receive £31,700 yearly, on avg which is 22% of the avg property price which is £143K.
Stoke-on-Trent is the 2nd most affordable place with an avg house price of £147K and average annual salary of £31K.

Most Inexpensive place to purchase property in England

Most affordable place to buy property in England

A huge cohort of purchasers opted for cheap two-year mortgages and are due to refinance by Sep 2023.
But borrowing costs have risen to a multi-year-high, so new monthly housing payments may be ↑ 25%.
The relief on the stamp-duty levy ran from Jul 2020-Sep 2021, and ~ 42% of borrowers in that period fixed for only 24-mo.
It is said that BoE will ↑ key interest rate by 250 basis points to 4.25% by Mar 2023.

Loan shock awaits UK homebuyers

Mortgage Shock Awaits UK Homebuyers

It’s predicted first time buyers will need to earn £12,250 more to afford a home as mortgage rates are set to be hiked up further this year.
Meanwhile, hopeful buyers in London will need ↑ £35K yearly more income to take out a loan on the avg property.The central bank set the base interest rate at 1.75% in August, marking the biggest single increase in 27 years.

London homebuyers need £35k higher  for loan

London home buyers need £35k higher income for mortgage

First time buyers will need to earn £12.2K more to afford a home, as mortgage rates are set to ↑ further in 2022.
Meanwhile, buyers in London will need £35K more income to take out a loan on the avg property compared to 2021.Rates are predicted to ↑ 4% in 2023, as double-digit inflation in the UK ↑ even further.

Demand still strong in UK, despite higher rates and prices

UK house prices have fallen for the first time this year, but summer distractions rather than deteriorating economic conditions are to blame.The avg price of a UK property ↓ 1.3% to £365,173 in August, ↓ £4,795.
Despite wider economic uncertainty and fears, UK house prices to end the year 7% higher than in 2021.

UK house prices expected to end year 7% higher

The market has been challenging for potential buyers, especially those who cannot exceed the sales price.
The lowest unemployment rates usually occur shortly before a recession.Throughout history, interest rates go up at the beginning of the recession.

Good things which can happen during a recession

When a mortgage deal comes to an end, you'll need to either remortgage or do a product transfer, unless you've paid off everything.A product transfer is where you stick with the same lender but on a different deal.Meanwhile, remortgaging is where you go to a different lender.

Remortgaging vs. product transfer: which one is more beneficial for you?

Customers of some UK banks are now able to begin a “product transfer” between 4-6-mo before their current deal comes up for renewal.
It comes as interest rates continue to rise, pushing up mortgage repayments for those on tracker and some standard variable rate (SVR) deals.
The BOE ↑ its base for the 6th time in a row to 1.75% in August.
Expectations of further rate rises to come has sparked calls for homeowners to lock into a cheaper mortgage deal.

UK loan borrowers still can save thousands of pounds

UK mortgage borrowers still can save thousands of pounds

The UK market is in a frenzy, with would-be buyers being outbid and properties going for way over the asking price in some cases.
Nominal house prices ↑ 63% since 2013 in the UK.
However, buying has been cheaper than renting if one can afford the deposit and the BOE stress test.
80% of UK mortgage borrowers are on a fixed rate and have locked in a monthly repayment for a set duration, often 2-5-yr.
Avg UK house prices ↓ 0.1% MoM in July.

Is the UK housing market at a turning point?

People’s ability to buy property is at a record low in England, with the avg house costing ~9X avg annual disposable household income.Scottish buyers pay >5X, on avg, while Welsh house prices are currently 6X disposable income.
Affordability has been affected by a recent boom in house prices, as demand for new properties ↑ after pandemic lockdown restrictions were lifted.

UK market is in for a correction, not a crash

The UK housing market remained buoyant in July, with an avg home price of ~ £271K.
This represents ↑ 11% yearly and ↑ 0.1% MoM, the 12th monthly rise in a row.
However, experts expect the market to slow as price growth has continued to outpace wages by a wide margin.

House price growth continued to outpace wages in UK

Across England and Wales, ~ 500K homes are owned by overseas buyers.
With 85,451 properties worth a total of £45.3B, London has the highest value of foreign-owned homes.
The capital is home to 15 of the top 20 areas in England and Wales for the total value of foreign-owned homes. Areas with the highest market value:
1. Westminster: £11.8B
2. Kensington and Chelsea: £10.7B

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Most affordable place to buy property in England

Mortgage Shock Awaits UK Homebuyers

London home buyers need £35k higher income for mortgage

Demand still strong in UK, despite higher rates and prices

UK house prices expected to end year 7% higher

Good things which can happen during a recession

Remortgaging vs. product transfer: which one is more beneficial for you?

UK mortgage borrowers still can save thousands of pounds

Is the UK housing market at a turning point?

UK market is in for a correction, not a crash

House price growth continued to outpace wages in UK

Overseas buyers remain an important segment of the UK housing market

Localized Real Estate Videos to Win Leads using UK real estate Social Media Content

Sign Up to Add Your Branding to Social Media-Ready Real Estate Videos

Most affordable place to buy property in England

Mortgage Shock Awaits UK Homebuyers

London home buyers need £35k higher income for mortgage

Demand still strong in UK, despite higher rates and prices

UK house prices expected to end year 7% higher

Good things which can happen during a recession

Remortgaging vs. product transfer: which one is more beneficial for you?

UK mortgage borrowers still can save thousands of pounds

Is the UK housing market at a turning point?

UK market is in for a correction, not a crash

House price growth continued to outpace wages in UK

Overseas buyers remain an important segment of the UK housing market

Localized Real Estate Videos
to Win Leads using UK real estate Social Media Content

Sign Up to Add Your Branding to Social Media-Ready
Real Estate Videos