Postcode lottery in estate agent’s fees

Extract from Redwood Financial’s Property Review November 2019 New research from Get Agent, the online estate agent comparison site, has found that selling your home through a high street estate agent can vary by as much as 261%, depending on your postcode.  The researchers analysed data from over 40,000 branches, listing properties in more than…

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Mortgage broker outlook is confident.

Extract from Redwood Financial’s Property Review November 2019 According to the latest Mortgage Market Tracker survey from the Intermediary Mortgage Lenders Association (IMLA), 91% of brokers said they were either ‘very confident’ or ‘fairly confident’ about the outlook for the mortgage industry.  Executive Director of the IMLA, Kate Davis, said: “Continuing political uncertainty has failed…

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First-time buyer numbers hit a 12-year high

Extract from Redwood Financial’s Property Review November 2019 Numbers of people buying their first home reached a monthly high in August, achieving a level not seen since 2007, before the financial crisis. The average first-time purchaser borrowed £175,361 or around 80% of the property value. The amount borrowed equates to a multiple of 3.52 of…

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Price growth strong in Scotland and Wales

Extract from Redwood Financial’s Property Review October 2019 The latest UK Housing Market Update from Savills, states an expectation that average house price growth will remain flat throughout 2019, revised down from a predicted growth of 1.5%, made in November 2018, under an assumption of an orderly Brexit.  The update states that uncertainty has increased…

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UK rents reach record high

Extract from Redwood Financial’s Property Review October 2019 The latest figures from the Association of Residential Letting Agents (ARLA) show the cost of renting rose for the third month in a row, to reach the highest figure on record. The July figures saw almost two thirds (63%) of agents seeing landlords increasing rents, which is…

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Spending review disappoints property industry

Extract from Redwood Financial’s Property Review October 2019 Early in September, Chancellor Sajid Javid announced extra funding for local authorities, but the property industry has expressed disappointment that the Spending Review did little to benefit housing and planning. Melanie Leech, Chief Executive of the British Property Federation said: “Additional funding for local authorities is much…

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BREXIT saga rumbles on

Extract from Redwood Financial’s Economic Review August 2019 With the second deadline now less than 60 days away, it remains unclear how the Brexit saga is ultimately going to play out, although the chance of a no-deal scenario continues to rise. While efforts to negotiate a new Brexit deal are continuing, the current position is…

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Inflation rises unexpectedly

Extract from Redwood Financial’s Economic Review August 2019 The headline rate of inflation edged above the Bank of England’s (BoE) target last month, amid concerns sterling’s recent decline could exert further pressure on prices. Data from ONS showed that the Consumer Prices Index 12-month rate – which compares prices in the current month with the…

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Markets

Extract from Redwood Financial’s Economic Review August 2019. Data compiled by TOMD In August, trade tensions between the US and China continued to weigh on sentiment. Statements from President Trump and China’s commerce ministry on 29 August, detailing that the countries were engaged in trade talks, brought some respite to global equities at the end…

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Retail sales rise

Extract from Redwood Financial’s Economic Review August 2019 The latest retail sales figures proved to be stronger than analysts expected, buoyed by the largest rise in online spending for three years. Official data published by ONS showed that retail sales volumes rose by 0.2% during July, defying the consensus market forecast which had predicted a…

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