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Key Points to mention

  • Property prices in UK decline 1.3% over the last 6 months
  • Activity level is recovering stopping the speed of decrease
  • Increase in sellers to the market due to market growth
  • Biggest activity in London, Scotland and north east
  • Weaker demand but sales hold up in Midlands and southern England
  • Mortgage regulations have tempered the impact of higher mortgage rates on house prices.
  • 11% proportion of homes on market were previously rentals
  • 1.9% UK house price increase YOY

 Property Price drop in the last six months to adjust higher mortgage rates & rise of living costs

In the last 6 months there has been a drop of 1.3% of Zoopla price index, this is mainly due to the increased mortgage rates. However, demand has recovered recently reducing the decline.

The annual rate of price inflation is 1.9%, down from 9.6% a year ago.

We would expect prices to remain relatively similar for the rest of the year, with mortgage rates stabilising and demand showing promise. However, with the higher-than expected inflation rise, it is likely interest rates may rise, if they do this will of course have a knock-on effect to mortgages, then onto property prices.

 

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 The isle of wight offers stunning beaches, History and events for all ages all year round. If you live on the island or are planning a trip to the island you need these dates in your diary!

This summer the island offers so many events from music festivals, family fun days and sailing races. 

 

Dates for your diary this summer! The ultimate guide:

 

June

 

Isle of Wight Festival

15th-18th June 2023

For the festival and music lovers. One of the largest music festivals originated since 1970 and still to this day one of the most popular music festivals. Held in Newport, Sea close park.

 

 

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Have you ever considered why can you rent at a higher price of a mortgage?

However, you have not been able to borrow a lesser mortgage amount! Well Skipton Building Society have released a product exactly for those renters, 100% mortgage. This is the first non-deposit mortgage option since the crash in 2008.

We think this could be a fantastic opportunity for renters who later on want to buy, however it’s important to understand the potential risks when taking 100% mortgages out. There is a reason they were stopped! Let’s go through it…

-         This product is only available those first-time buyers who have paid their rent in full and on time for at least 12 months

-         It’s a five-year fixed mortgage and works just as other mortgage deals on fixed term basis, the only difference is you don’t need a deposit for Skipton’s

-         It is portable, should you wish to move home during the fixed period

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Key points to mention…

  • Annual house price inflation is 5.3% down from 8.6% last year.
  • Buyer demand and sales volumes are 20-50% lower than a year ago but slightly ahead of the pre-pandemic years.
  • Sellers are having to accept an average 4.5% discount to the asking price to achieve a sale which is the highest its been in 5 years.
  • Average discount to asking price is just above £14,000 meaning sellers are having to loose a third of their pandemic house price gains.
  • UK house price inflation likely to move into low negative by summer.
  • Market is still on track for a soft landing with modest price falls of up to 5% and 1m sales in 2023. This is better than predicted last year.

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On Friday 10th of March saw the return of Isle of Wight Radio's 'Best In Business' awards of 2022, of which we were extremely proud to be the main sponsor of!

  1. UK and Isle of Wight property market update
  2. What to look for when buying a property
  3. UK Rental Market Update
  4. CALLING ALL LANDLORDS! 📣

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