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It could be said that the political events of the past 18 months should have caused significant unpredictability in the UK property market, but the reality is that (for the time being at least) the housing and mortgage market has shown a noteworthy resilience.
In July, for example, it was announced that we are witness to the lowest levels of unemployment for nearly 50 years. Furthermore, despite the UK construction industry building 21% more properties than the same time the previous year, there has still been a disproportionate increase in demand for housing. Repossessions are also at an all-time low, at only 3,985 for Q1 2017, from a high of 29,145 in Q1 2009. Collectively, this has resulted in property values in Evesham, according to the Land Registry, rising 7.19% during the last year.
One vital bellwether of the property market (and property values) is the mortgage market. The UK mortgage market is worth £961,653,701,493 (that’s £961bn), representing 13,314,512 mortgages.
There has been some aggressive competition among mortgage lenders, which has driven mortgage rates down to record lows. This is good news for Evesham homeowners and landlords, with many lenders slashing the rates on their deals to the lowest they have ever offered. For example; HSBC recently launched a 1.69% five-year fixed mortgage!
According to the Council of Mortgage Lenders, the level of mortgage lending has now soared to an all-time high in the UK.
If you were to add up every mortgage in WR11, it would total £603,587,691