UK house sales up a third since last year
- 13th September 2022
- Buying Property News
Buyers rush to complete purchases to take advantage of competitive rates
Property sales in the UK were more than a third higher in July this year than July 2021, shows new statistics from HMRC.
The number of property deals hit 110,970 in July 2022, an increase of 7% compared to June of this year. This is likely due to buyers rushing to complete purchases in order to lock in competitive mortgage interest rates ahead of expected rate increases.
The market has also been particularly active over the summer as the post-pandemic shuffle continues. Prospective buyers who left the capital or nested in rental accommodation during Covid are returning or choosing to remain in the capital as office-based work returns. The opening-up of London’s unrivalled entertainment and leisure scene is another reason the capital is such an attractive destination for renters.
Stephen Ludlow, Chairman at ludlowthompson says: “It is very likely that the recent flurry of activity in the property market is due to buyers keen to secure their position on the ladder before interest rates rise any further.”
“Younger buyers who are fortunate enough to have support from the Bank of Mum and Dad are able to secure a more favourable loan-to-value (LTV) on their mortgage. A lower LTV gets you access to the best mortgage deals. First time buyers can find some great deals through Jigsaw mortgages.”
Penrith Building Society is currently offering a 4.82% APRC, discounted to 1.75% for two years for buyers requiring 80% LTV. Also for those with a 80% LTV, Bath Building Society is offering 1.99% for two years, after which the interest will be 5.99%. For first time buyers with a 75% LTV, Newbury Building Society is offering a 1.99% rate for three years, after which it will revert to 4.1%.
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the recent flurry of activity in the property market is likely due to buyers keen to secure their position on the ladder before interest rates rise any further
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