House purchases continue to pick up
Good news that house purchases are on the increase this week.
As we enter week 10 of lock-down, and with some modest relaxation of the rules, most of us will be fully into the swing of this way of working/living now. That said, the one thing I am still struggling with is my hair… if it gets much longer I think I’ll need my daughters Tangle Teezer to tame it, and that was certainly not on my agenda for 2020 when the year started…
Mortgage sessions recorded
Nor was conducting online mortgage sessions, but we are all rolling with the punches this year. I was pleasantly surprised with how well they went. We had nearly 100 people attend over the 3 sessions, which covered Remortgaging, Moving Home and Buy To Let. We also recorded them so hopefully we can get them up on our website this week as it was a good overview as to the current market.
Return of house purchases market
We are seeing a surprising amount of people return to the house purchases market in particular (which not surprisingly, was also the best attended session). As Agents and Surveyors are now pretty much back up and running there really is no reason to hold back if you are looking to buy. Week by week, lenders are relaxing their criteria and reintroducing products, which is in turn pushing mortgage rates down.
Money market rates continuing to fall is also driving lower costs on finance. We don’t expect any major changes in the short term but for the first time since lock-down started, mortgage rates are now nudging down, not up. I truly believe that between now and the end of the year presents the best buying conditions we’ll see for a very long time. Barring a second spike in infections (which thankfully is not looking likely at present), it should be a steady climb out of the economic hole we are in. Which means soft prices for buyers, coupled with ultra low rates = great buying conditions. I suspect the first back to the market will gain the most, so if you want to, and can buy, there really is no reason not to take advantage of these conditions.
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