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The number of mortgage approvals last year was the highest since 2007 despite the housing market being closed temporarily due to the pandemic.

The Bank of England said 818,500 approvals in 2020 surpassed the figure of 789,100 from 2019.

Approvals hit a record low of 9,400 in May but sharply rose in the second half of the year.

In a sign of future mortgage lending, 103,381 approvals were recorded in December last year - only slightly lower than in November 2020.

Nitesh Patel, strategic economist at Yorkshire Building Society, said: 'It was a year of two halves, with an active market prior to lockdown, which came to a hard stop in March. When the market reopened, the rapid uplift took many by surprise. The market has been stimulated partly by buyers re-evaluating their housing needs, particularly for larger homes with access to green space.'

Daily Mail

The autumn property market remains buoyant. This month, there have been record asking price rises across every region of Britain and for every property type, from first-time buyer homes to family houses. This 'full house is an extremely rare event, happening for the first time since March 2007.

Here are five reasons why this could be the perfect time to sell.

1. You'll Be Putting Your Home in Front of a Record Number of Potential Buyers.

There are more people looking to move than the number of homes available to buy, and it's a hugely competitive market, so sellers have the best chance of finding a buyer this year than at any other time in the past 10 years. 

2.There's a Good Chance You Will Get the Best Price For Your Home.

Asking prices have hit record highs this month, so if you're thinking of selling in order to make a move next year, it's a great time to arrange a property valuation from an estate agent. You might discover that you can sell your home for a lot more than you bought it for, even if you've owned it for just a year or two.

3. Your Budget For Your Next Home Might be Bigger Than You Think.

If your home is valued for more than you bought it for, your search for your dream property might start to look different. New possibilities that you may not have considered could start to open up, from locations you assumed you were priced out of, to homes offering more space, or a garden. And the good news is that we're starting to see more properties coming to market this month, so fresh new choice is slowly growing.

4. You Will Become a 'Power-Buyer'.

With many homes being snapped up quickly and sellers having a choice of competing buyers, 'power-buyers - those who have already sold their own property subject to contract or have nothing to sell - will have the most powerful negotiating hand when they eventually find 'the one'.

5.Mortgage Interests Are Still Low

Mortgage interest rates are lower than ever and lenders are keen to offer mortgage loans in a competitive market. The window is open for movers who wish to sell and buy again before a likely interest rise, although it's widely expected that rates will remain comparatively low.

Rightmove

The pound soared against the dollar and the euro as investors ramped up their bets on an imminent interest rate hike.

Rising interest rates would push up the cost of variable mortgages, squeezing the finances of many families already facing soaring energy bills and higher prices. 

Laura Suter, head of personal finance at broker AJ Bell, said: 'Mortgage rates have been at rock-bottom lows for a long time and many homeowners have never known an environment of higher interest rates , so any rise will be a nasty shock for them.'

Daily Mail

The average price tag on a home has hit a new high for every part of Britain and property type for the first time since 2007, data shows.

Across Britain, the average asking price jumped by 1.8 per cent or £5,983 this month to reach £344,445, property website Rightmove's analysis revealed.

On a first-time buyer home, it hit £210,672, while for a property typically bought by someone taking their second step on the ladder, prices reached £315,486.

For a larger family-sized home at the top of the market, the average was £630,819.

Tim Bannister, from Rightmove, said: 'Competition for property for for sale remains hot this Autumn, with average prices jumping by almost £6,000 in the month. Although more properties are coming on the market, the level is still not enough to replenish the stock that's being snapped up. Consequently, new price records have been set across the board. This "full house" is an extremely rare event, happening for the first time since March 2007.'

Mr Bannister said stock shortages were seen after the first coronavirus lockdown last year and look set to continue.

The number of sales being agreed was up by 15.2 per cent in September compared to the same period in 2019, figures showed.

Cory Askew, of Chestertons estate agents, said: 'Despite the stamp duty threshold (in England and Northern Ireland) having returned to it's normal level on 1st October, the demand from house hunters hasn't slowed down. London is seeing a return of office workers and steady influx of international buyers. Sellers have taken note of this and with a higher demand for properties, don't feel the need to lower their price.'

Daily Mail

Builder Barratt Developments shrugged off supply chain issues saying it is on track to complete between 17,000 and 17,250 homes in the year ending next June.

Barratt said it has noticed "some macroeconomic uncertainty" but its financial position is strong enough to react to changes this year. Chief executive David Thomas said: "We continue to work closely with our suppliers and sub-contracrors and haven't experienced any significant disruption to our builkd programme as a resultof the challenging supply chain environment."

But building costs will rise by up to 5 per cent this year, Barrett predicts.

The Sun

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Customer Reviews

  • We are 100% satisfied and cannot recommend Fox Estates strongly enough. The team were extremely professional, friendly, and approachable from the minute we asked for a valuation right until completion. Their knowledge of the local area was spot on and made the difference on the sale of our house. We are grateful to Chris in particular for his attention to detail, responsiveness to emails and a willing pro-activeness to help keep things moving. I would not hesitate in recommending Fox Estates to my friends and family..

  • Chris Fox put my house on the market on June 13th and advised me to have an open house. 26 people viewed the property and I had 6 really good offers. By 3rd of August we had completed!Chris guided me through the sale with professionalism, integrity, friendliness and his extensive knowledge which can only come from spending 35 years doing a job he is still clearly passionate about.

  • Chris is very efficient and professional at all times. He made the sale of our property effortless and acted beyond the call of duty on our behalf.

  • During my career I have come across many estate agents and Chris really is a true professional, with the highest standards of integrity and professionalism I have seen. As well as having referred him to my own clients and had excellent feedback, I have personally used Chris to sell my property and I have been extremely impressed, and would recommend him to everyone.

  • I instructed Chris to sell my house and when he found a buyer the sale went through in just over 6 weeks. His service was excellent and I would recommended him to anyone. A few months later my mum instructed him to sell her house and again he found a buyer and the sale progressed to completion without a problem. Chris is very knowledgeable and professional and he will give you a very helpful, friendly and attentive service. If you are thinking about buying or selling I would suggest you give him a call

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  • AFTER 4 MONTHS OF AGGROVATION WITH ANOTHER ESTATE AGENT I APPROACHED CHRIS ABOUT 2 MONTHS BACK, I EXPLAINED THAT I HATED ESTATE AGENTS, CHRIS HAS GONE A LONG WAY TO REPAIRING THAT IMAGE HAVING DONE A SPLENDID JOB IN SELLING MY HOUSE WITHIN 3 DAYS THE WHOLE PROCESS TOOK 6 WEEKS TO THE POINT I HAD MOVED EXCELLENT ATTITUDE AND A TRUE PROFESSIONAL

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