03 Jul Residential Property Review – June 2020
At Howard Mortgages we’re proud to be part of Quilter Financial Planning, one of the UK’s largest financial advice networks. They provide expert analysis of the residential property market each month. June highlights were as follows:
– Upswing in buyer enquiries with large increase of mortgage illustrations issued
– Increased demand for high loan-to-value (LTV*) properties
– Overall housing market activity has slowed sharply as a result of the measures implemented to control the spread of the coronavirus. Data from HMRC showed that residential property transactions were down 53% in April compared with the same month in 2019
*LTV is the ratio in mortgage lending to determine the amount necessary to put in a down-payment and whether a lender will extend credit to a borrower.