I call top.
Growth in remortgages has outpaced purchases in July
The primary salary of remortgage applicants in July was Â£46,900, up by 7% year-on-year from Â£43,785: another sign of wealthier homeowners returning to the market in search of a better deal. Despite increased remortgage activity, the rush to lock into fixed-rate deals has slowed considerably since June, when 93.0% of remortgagers opted to fix. In July, just 89.0% of homeowners looking to remortgage chose a fixed-rate.
Brokers anticipate increase demand for buy to let mortgage plans
A survey of uk mortgage broker, completed by Approved Trader property website has shown how the anticipate an increase in demand for buy to let mortgage plans, of the 150 asked 94 indicated this as one of the biggest increases in the market, with lenders increasing the amount of mortgage deals available targeting prospective landlords. Many of the mortgage brokers noted how people are still finding it difficult to enter the housing price, despite the low interest rate and government schemes designed to help first time buyers, this was largely impacted by the increase in the cost for living while salaries have not kept pace with inflation
Anyone want prices to go up further?
Story 3 - suddenly basing an economy on oligarchs doesn't look to clever, does it?
[...] Who will replace "Russian spendthrifts"? It is clear that a cooling of Russians towards London should be of concern mainly to outfits selling luxury real estate, cars and jewellery. Their client base is indeed shrinking. And they are already busy thinking of how to replace the "Russian spendthrifts". They pin their hopes on the Chinese, whose spending is 8 per cent higher this year, but admit that it would not be quite the same. The richest Chinese in London are students from rich families. Whereas the Chinese millionaires and billionaires themselves so far prefer to invest and spend their money elsewhere: in Hong Kong, Sydney or New York. There are also African oil tycoons, although they are no match for their Russian counterparts. [...]
With no mention of the legal or tax systems this article entirely misses the point. People will always come up with justifications that sound plausible but whenever there is an inexplicable price-bubble it is *always* because the path-of-least-resistance is defined by taxation and law. Follow the money, through a series of steps from dodgy to respectable as it is progressively washed in steps until it finally turns up in the UK looking clean and respectable. Know Your Customer requirements are based around pieces of paper and pieces of paper in much of the world can be forged. It is amazing to me that these points are missing from public debate. Doing my bit to get them in there.
Repossessions and highest UK council tax...
WEYMOUTH and Portland has been identified as a housing repossession hotspot. New research, based on data recorded by the Ministry of Justice and released by the housing and homelessness charity Shelter, found that one in 74 homes in the borough was at risk of having a possession claim on it, with 244 homes repossessed in the last year. More than 13,200 homes a year area are at risk of repossession or eviction in the South West, the equivalent of 36 every day and alongside Gloucester, Weymouth and Portland has the highest repossession rates in the region. Weymouth and Portland is ranked 98th nationally, but regionally it is top based on the rate of possession claims on rented/mortgaged. Also, recently Weymouth and Portland reportedly had the highest UK council tax rate - correlation?
Blame the Russians!
London home prices fell in August by 5.9%, the plunge the biggest since Dec 2007 (and 2nd biggest drop on record). Since western sanctions on Russian oligarchs hit 3 months ago, home prices have fallen in London (especially the highest-end regions, such as Kensington -7%) and now that weakness is accelerating and spreading across the entire UK. As Rightmove reports, the 2.9% drop in UK home prices is the worst August on record.