North West Property Market Booming!
There have been stand out areas in the UK where tenant demand is soaring. RightMove.co.uk has revealed the top-performing areas by region. The North West makes the list with demand now 21% higher than it was for May 2019. The North West region also boasts the highest year-to-year increase in demand for sales.
This increased demand continues to be seen post lockdown with people relocating to areas of the country with better value housing. Demand for areas with higher property prices, such as London, is still in decline.
Interest rates and the Current Lending Market
It has now been one month since the Government announced in mid-May that the property market could be re-opened. Since then, the mortgage market has seen some notable changes. Lenders have been more conservative in their practices with higher LTV (Loan to value) mortgages being put on the back burner. While this has been bad news for some, including first-time home buyers, it has been good news for others.
Investors with access to more significant deposits are taking advantage of all-time low rates and more competitive products returning to the market. The latest data on the buy-to-let (BTL) market shows that the number of products in the sector increasing, with 280 more BTL products available now than there were at the start of May.
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Article from our partners at The Heaton Group