With three bank holidays and the King’s coronation, May will certainly be a busy month! Here is all our round-up from Stratton Thorpe HQ with the latest team news and updates on mortgages & protection trends…
Team News
Not long to go now until the Katharine House Hospice Moonlight Walk on Saturday 20th May. We’re proud to be a 2023 event sponsor and our team will be part of the fun evening walk across Banbury, raising funds for an amazing local charity. KHH is one of our key charity partners, and we support them with donations for every single mortgage that completes with us. It's our way to give back and show our appreciation.
See our JUST GIVING PAGE to donate.
Team Spotlight - Olga Bogdanova
Olga is our bilingual Russian-speaking mortgage & protection specialist. She advises many clients from Latvia, Russia, Estonia, Lithuania, and Belarus to navigate the complexities of the UK mortgage process.
“Whether you are looking to buy your first home, remortgage or invest in a buy-to-let property, I can help you. I’m based in Bicester, Oxfordshire, and I work with clients nationwide. Arrange a free, no-obligation initial consultation, and I will take you through the steps needed to secure a UK mortgage to make the process straightforward and stress-free.”
Find out more and book an appointment today with Olga.
Call/WhatsApp: 07928 266202
Email: olga@strattonthorpe.co.uk
NEWS & UPDATES
Spectre market report finds ‘now is the ideal time to move’
More house prices are being reduced, the number of agreed sales is declining, and properties are taking longer to sell – but it’s not all bad news, according to Spectre.
In its first market report, the proptech provider says that rather than being a cause for concern, the data should be seen as a return to more normal conditions and that now is in fact the ‘ideal time to move’.
The quarter one (Q1) market report shows that new listings are down 5.55% compared to the Q1 five-year average. Prices were reduced on more than 36% of properties listed for sale and 8.65% fewer sales were agreed.
The report states: “In any other market, this should be a cause for concern and understandably, fear has been spreading. However, for the last few years, the property market has seen exceptional growth. These movements should be seen as market conditions normalising and returning to a more manageable baseline – rather than viewing them as drastic shifts compared to last year.
“The market is still healthy and for those with the right skill set, it will prove no challenge.”
SOURCE - MORTGAGE STRATEGY
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Contact Stratton Thorpe today for a confidential free initial consultation and quote.
Rising house prices beat inflation in 22 UK cities
Research from eXp UK, the network of personal estate agents, has revealed that in 22 UK cities, house prices are continuing to outperform the current rate of inflation, as the housing market stands strong despite fears of a property market dip.
eXp analysed the city rate of inflation seen across 62 UK cities and how this compares to the strength of the housing market based on the annual rate of house price growth.
The research shows that across the UK as a whole, house prices have continued to climb by a respectable 6.3% on an annual basis. However, despite inflation peaking in recent months, it remains at a rate of 10.4%, 4.1% above the average rate of house price growth.
But the research from eXp shows that a number of major UK cities are actually putting in a stronger performance, with no less than 22 of the 62 major cities analysed seeing strong rates of house price growth versus inflation.
Peterborough tops the table where inflation currently sits at 10.2 %, while house prices have climbed by 14.4% in the last year - a 4.1% difference.
In Wigan , inflation is currently at a rate of 10.7%, while house prices are up 13.9%, a difference of 3.2%. This difference also sits at 3.0% in Derby , where house prices are up 13.9% versus a city inflation rate of 10.9%.
Other cities to make the top 10 include Norwich (2.5%), Nottingham (2.5%), Swindon (2.0%), Cambridge (1.7%), Blackburn (1.5%), Barnsley (1.3%) and Birmingham (1.2%).
In contrast, the current rate of city inflation across Aberdeen is 10.2%, while house prices are down 4.4%, resulting in a balance of -14.6%.
SOURCE - INTRODUCER TODAY
IS your current mortgage deal ending before 1st NOVEMBER 2023?
It's time to start thinking about remortgaging. It's worth shopping around for a new rate as you can secure a deal up to six months in advance. Stratton Thorpe Mortgage Solutions provide:
· Free no-obligation initial consultations
· Flexible appointments at a time & location to suit you
· Simple, hassle-free service - we take care of everything to ensure a smooth transition to your new mortgage
If you have longer to run on your mortgage, switching rates may still be worth considering. This may involve paying exit fees or early repayment charges on your outstanding loan. However, if you save significantly by switching, these extra charges could be worth considering.
Base rate to fall by winter – EY Item Club
The Bank of England (BoE) will raise the base rate one more time this year before cutting it in winter, it has been predicted.
The EY Item Club’s spring forecast said the base rate would rise to 4.5 per cent but noted it was hard to make short-term predictions as the last decision was
made amid strong economic growth and employment against weak wage increases.
The base rate will be cut in winter and continue to fall over 2024, the economic firm projected.
Martin Beck, chief economic adviser to the EY Item Club, said high inflation had been a challenge to the UK’s economy but this was set to cool.
He added: “Despite challenges in the global banking sector and falling inflation, another rate rise at May’s Monetary Policy Committee meeting is probably more likely than not following a better-than-expected economic performance. Indeed, a stronger economy might mean inflation takes longer to cool down this year.
“On balance though, we think Bank Rate should start to come down from this winter.”
SOURCE - MORTGAGE SOLUTIONS
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