This Week’s Market Update Regarding Property and Mortgages

Hi, I’m Paul Mahoney, the Managing Director at Nova Financial. Today I’m going to provide a market update regarding property and mortgages. There has been lots of speculation leading up to and following the referendum on how it’d impact both of those markets. The actual outcome since then, although it hasn’t been long has certainly been against the grain and very positive. The Council of Mortgage Lenders recently announced that new mortgage applications are at their highest since 2008, up some 12% year-on-year.

Secondly, RICS have recently doubled their house growth expectation from 3 to 6%. They’ve reported that the average stock on their members’ books is the lowest it’s been in 30 years. That’s resulted in a significant lack of supply in comparison demand in pretty well all the major UK cities, which as we know, tends to push up both rents and property prices.

If you’d like to discuss how this would affect your current properties or the potential for investing and taking advantage of these positive impacts, then please feel free to get in touch.