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UK Half year report 2023

 

Overview

  •       House price inflation to 1.2% increase as quarterly demand has increased
  •       42% of sellers are accepting offers 5% or more under asking price
  •       UK house prices still on track to drop by 5% in total during 2023
  •       Anyone serious about selling in 2023 needs to be realistic on pricing “Falling mortgage
  •       11% Hit to buying power with higher mortgage rates
  •       14% Fewer buyers in the market in last 4 weeks, compared to 5-year average

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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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