Mortgage and Housing Market News
The latest UK and Leeds mortgage and housing market news brought to you by Kath Wells.
Leeds Building Society Offers Discount Mortgage
By Ben for Kath Wells on 20th June 2011
The Leeds Building Society has announced plans to offer a mortgage deal that could help first-time buyers looking to gain a foothold in the housing market. A two-year discount mortgage of 3.9% is on offer up to 85% loan to value, meaning people with a 15% deposit can qualify for a first mortgage below the Society’s standard variable rate.
Buyers may opt for a lower rate by choosing to pay a higher level of deposit. A rate of 3.4% is available at 80% loan to value, whilst a rate of 2.8% is available for 75% loan to value. In addition, potential buyers are also able to receive a free valuation worth up to £335 with remortgage customers offered no charge for legal services.
Source: Money News
No Spring Bounce for Housing Market
By Ben for Kath Wells - 14th June 2011
An ongoing shortage of mortgage finance combined with anxiety over the of the economic recovery has prevented the spring bounce in the housing market that sellers and estate agents were hoping for, according to a report from the Royal Institute of Chartered Surveyors (RICS).
Although the majority of estate agents reported no change to prices, the number of firms reporting a decline exceeded those reporting a rise by 28 percentage points. More than four-fifths of firms reporting a decline said prices had fallen by up to 2%. Mark downs were most common in Wales and the West Midlands. London was the only region to see rising property prices during the three months to May 2011.
Appetite for Renting Continues to Grow
Ian Perry, RICS housing spokesman, said: "Buyer interest in purchasing property remains flat across much of the country and there is little sign of this changing any time soon. Uncertainty over the economic outlook remains as important as the availability of mortgage finance in depressing demand. On the other hand, the appetite to rent is continuing to grow. And, with little new supply coming onto the lettings market, the cost of renting is increasing and will continue to do so."
Source: The Guardian Online
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