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Published: 26 October 2021

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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

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Published: 21 October 2021

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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

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Published: 20 October 2021

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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

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Published: 20 October 2021

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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