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Summary

  •       House price inflates +0.1% annually in UK
  •       21% down on completed house sales compared to 2022
  •       House price growth at -1% in London
  •       Regional house price inflation linked to first-time-buyers affordability
  •       Completed transactions still on track for 1 million, although as we write 21% lower over 2023, lowest since 2012
  •       Cash buyer sales expected to hold in line with 2022
  •       Mortgage-backed sales likely to be 28% lower as higher rates impact demand
  •       Lower mortgage rates key to improved demand and sales in 2024
  •       Affordability improving

 

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Overview

  • Annual UK house price inflation at +0.6%
  • 60% with over £300k price cutting asking prices by 5% to attract demand
  • Annual price falls of up to -2.2% concentrated in southern England on markets with an average price over £300,000
  • Other areas of England registering annual house price inflation of over 3.5%
  • Buyer demand down 18% in last two months due to mortgage rates
  • Rates peaking and already signs of dropping back closer to the 4% region
  • Likely to be the southern areas seeing price reductions throughout second half of the year with northern areas performing well
  • UK markets till on track to be down by 5% end of year
  • Mortgage decreased down to 4.99%
  • 80% of markets with an average price over £300k registering modest price falls

 

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UK Half year report 2023

 

Overview

  •       House price inflation to 1.2% increase as quarterly demand has increased
  •       42% of sellers are accepting offers 5% or more under asking price
  •       UK house prices still on track to drop by 5% in total during 2023
  •       Anyone serious about selling in 2023 needs to be realistic on pricing “Falling mortgage
  •       11% Hit to buying power with higher mortgage rates
  •       14% Fewer buyers in the market in last 4 weeks, compared to 5-year average

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 The isle of wight offers stunning beaches, History and events for all ages all year round. If you live on the island or are planning a trip to the island you need these dates in your diary!

This summer the island offers so many events from music festivals, family fun days and sailing races. 

 

Dates for your diary this summer! The ultimate guide:

 

June

 

Isle of Wight Festival

15th-18th June 2023

For the festival and music lovers. One of the largest music festivals originated since 1970 and still to this day one of the most popular music festivals. Held in Newport, Sea close park.

 

 

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Have you ever considered why can you rent at a higher price of a mortgage?

However, you have not been able to borrow a lesser mortgage amount! Well Skipton Building Society have released a product exactly for those renters, 100% mortgage. This is the first non-deposit mortgage option since the crash in 2008.

We think this could be a fantastic opportunity for renters who later on want to buy, however it’s important to understand the potential risks when taking 100% mortgages out. There is a reason they were stopped! Let’s go through it…

-         This product is only available those first-time buyers who have paid their rent in full and on time for at least 12 months

-         It’s a five-year fixed mortgage and works just as other mortgage deals on fixed term basis, the only difference is you don’t need a deposit for Skipton’s

-         It is portable, should you wish to move home during the fixed period

  1. UK Property Market Update - February 2023
  2. Isle of Wights 'Best In Business' awards
  3. UK and Isle of Wight property market update
  4. What to look for when buying a property

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