{"id":20520,"date":"2018-09-25T10:28:45","date_gmt":"2018-09-25T09:28:45","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=20520"},"modified":"2020-07-15T11:26:45","modified_gmt":"2020-07-15T10:26:45","slug":"property-market-factfile-6","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=20520","title":{"rendered":"London homeowners choosing not to move as remortgage business reaches nine-year high"},"content":{"rendered":"
<\/div>\n
\"These
These terraced properties in Earlsfield, London, typically sell for almost one million pounds<\/figcaption><\/figure>\n

The London housing market may be suffering from a decline in house prices and homebuyer activity, but more homeowners are taking advantage of opportunities to secure a better mortgage deal.<\/p>\n

Along with the rest of the UK, householders have been spurned on by\u00c2\u00a0the latest interest rate increase, and the number of London households renegotiating their home mortgage deals has reached a nine year high.<\/p>\n

Analysis of Quarter 2 2018 data by the finance and banking trade association,\u00c2\u00a0UK Finance<\/a>, has revealed that \u00c2\u00a34.84 billion was committed to remortgage business in London. A total of 15,200 mortgages were renegotiated, nearly 17% more than last year at an increase in value of over 23%.<\/p>\n

First time mortgages<\/strong><\/p>\n

Established home owners are keeping the mortgage business busy, but first time buyer activity in London has slowed down.<\/p>\n

Year on year, the 10,300 new mortgages taken out by London’s first time buyers was down 3.7%. The\u00c2\u00a0 average first time mortgage of nearly \u00c2\u00a3275,000 means that London’s average first time buyer now requires a gross household income \u00c2\u00a368,000, 1.8% more than a year ago.<\/p>\n

New mortgages<\/strong><\/p>\n

While remortgages were significantly up, the 6,800 new mortgages taken out by home movers was down over 8% year on year.<\/p>\n

The average London mortgage borrower now earns on average \u00c2\u00a392,000, and requires an average loan size of \u00c2\u00a3355,000, representing an income multiple of 4.01. The multiplier hasn’t changed from a year ago, but the percentage of household gross income now needed to service the mortgage capital and interest repayments has risen slightly to 18.5% (from 18.4%).<\/p>\n

 <\/p>\n

Make sure you take independent advice from your local Royal Institution of Chartered Surveyors registered\u00c2\u00a0Chartered Surveyor<\/a>\u00c2\u00a0when buying property. Our network of independent Chartered Surveyors can provide you with advice and a home survey, building survey or property valuation in London or elsewhere in England or Wales.<\/p>\n

Back to September 2018 Newsletter\u00c2\u00a0<\/a><\/p>\n

\u00c2\u00a9\u00c2\u00a0www.PropertySurveying.co.uk<\/a><\/p>\n

SH\/LCB<\/p>\n","protected":false},"excerpt":{"rendered":"

The London housing market may be suffering from a decline in house prices and homebuyer activity, but more homeowners are taking advantage of opportunities to secure a better mortgage deal. Along with the rest of the UK, householders have been spurned on by\u00c2\u00a0the latest interest rate increase, and the number of London households renegotiating their … Continue reading “London homeowners choosing not to move as remortgage business reaches nine-year high”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":22329,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[557],"class_list":["post-20520","page","type-page","status-publish","hentry"],"yoast_head":"\nLondon homeowners choosing not to move as remortgage business reaches nine-year high | Property Surveying<\/title>\n<meta name=\"description\" content=\"The London housing market may be suffering from a decline in house prices and homebuyer activity, but savvy London homeowners are taking advantage of opportunities to secure a better mortgage deal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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