IMLA: Expect 2021 Gross Mortgage Lending Rise

The Intermediary Mortgage Lenders Association (IMLA) has predicted a increase in gross mortgage lending to £283 billion this year together with a swift return to household spending as Covid-19 lockdown restrictions are eased. The trade body’s New Normal report, which makes a number of predictions about the mortgage market over the coming year, observes that household finances generally remain robust and will continue to weather the current economic volatility. Unlike previous financial crises, the unique government support package provided since the start of the Covid-19 crisis has helped the majority of households to maintain financial stability. Read more on the Best Advice website.

https://bestadvice.co.uk/imla-expect-2021-gross-mortgage-lending-rise/

First-Time Buyers Remain Dominant In Driving Housing Activity

Lloyds Bank has reported that the number of people moving home increased for the first time in three years in the first half of 2019. There were 160,540 homemovers in the first half of 2019, up by 810 (1%) compared with the same period in 2018. Homemovers are still behind first-time buyers however where the numbers increased at a slightly higher rate of 7,460 (5%) to 173,790 in the first half of 2019. Regionally, the North, South East and Scotland are seeing falls (between 0.3% and 1.9%) in the numbers of homemovers in the first half of 2019 compared to the same period in 2018. Read more on the Best Advice website.

https://bestadvice.co.uk/first-time-buyers-remain-dominant-in-driving-housing-activity/

Lowest March On Record For Housing Supply

NAEA Propertymark has reported that, despite a month-on-month increase, housing supply hit the lowest level on record for the month of March. An average of 37 properties were available to buy last month, a 9% increase from 34 in February. After demand dipped in February, the number of house hunters registered per estate agent branch rose by 17% in March, from 252 to 296. This is similar a level to January, when 297 prospective buyers were recorded per estate agent branch. Year-on-year, demand was the lowest level recorded for the month of March since 2013. Read more on the Best Advice website.

https://bestadvice.co.uk/lowest-march-on-record-for-housing-supply/

Average Length Of Time In PRS Rises To 14 Years

A survey of more than 800 Private Rented Sector (PRS) tenants has found high levels of satisfaction with rented accommodation – with 90% of those surveyed saying they consider their rented property to be their home. 79% said they felt satisfied with their current landlord, while just 13% said they had ever rented from a ‘rogue’ landlord. Average rents decreased among respondents from £660 in Q3 2015, to £607 in Q4 2015. Those perceiving their rent to be ‘very good’ and ‘good’ value for money increased from 18% and 48% respectively in Q3 2015, to 20% and 49% in Q4 2015. The average length of time spent in the PRS has also risen, from 12 years in Q3 2015, to 14 years, with respondents staying an average of 9.5 years in their current rented properties. Read more on the Best Advice website.