Happy New Year and welcome to the Winter 2022 quarterly issue of The Mortgage & Property Magazine which can be found on our ‘Magazines’ drop down page.
Last year was one of the busiest for the housing market in more than a decade, driven by a reassessment by many homeowners of where they are living – prompted by the COVID-19 pandemic, a search for more living space, low mortgage rates, better access to mortgages for first-time buyers, and, of course, the stamp duty holiday. There’s little doubt that the pandemic and lockdowns have influenced what buyers want in a home, with a strong broadband connection, flexible space and access to nature high on the wish list. Turn to page 52 to see this year’s housing market predictions.
Are you sitting on a goldmine? The value of British homes has soared by 20% in five years. A major factor that has increased property prices has been the shortage of homes to sell to match demand in many areas. And despite the increase in property prices to ‘new all-time highs’, the typical mortgage payment has ‘not been high’ by historic standards compared to take-home pay, largely because mortgage rates have remained close to all-time lows. On page 10 we look at why understanding the value of your home, and the equity you hold within the property, will help when it comes to making future plans.
Are you looking to buy your first home in 2022? Whether you’re a young professional or simply planning for the future and trying to be smart with your money, purchasing a home is one of the biggest financial decisions you’ll ever make. The journey of purchasing a property is not always easy and hurdles can crop up along the way, so it can feel simultaneously exciting and overwhelming. With this in mind, on page 22 we have compiled our top ten steps to give first-time buyers an edge when they decide to get on the property ladder.
Where can you add real value to your home? That’s likely to be a question you’ve asked yourself at some point. Home improvements give you more than just a little more living space, they can add potentially thousands of pounds to the value of your home. On page 36, even if you have no immediate plans to sell your home anytime soon, it’s still useful to know how you can go about increasing the value of your property – that way, if you ever come to sell at a later date, the asking price you can set for your home is likely to be much higher.
A complete list of the articles featured inside this issue appears on pages 03 to 05.
We hope you enjoy reading this issue and always welcome your feedback.
Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.