Recovery under way

10th February 2014

Figures just released by the UK Land Registry confirmed that mainland property sales grew at their fastest annual rate in 10 years in the 6 months up to September 2013.

Research by Lloyds Bank shows the housing market revival is widespread with the North of England, the West Midlands, Wales and London particularly active, with 100% of towns in these regions recording a year-on-year increase in house sales.

98% of towns across England and Wales saw an annual uplift in sales, when 12 months earlier only 26% of towns saw a year-on-year increase.

Sales overall remain 41% below the 2006 height of the property boom but the present trend is confirmed by the UK Council of Mortgage Lenders that states that the availability of 90%+ loan-to-value (LTV) mortgages has more than doubled in the past two years and that lenders expect to offer more high LTV mortgages this year. The Council also cites Lloyds lend-a-hand mortgage product, Nationwide’s save-to-buy scheme and Barclays’ new Family Springboard mortgage as examples of lenders innovating responsible lending.

Guernsey typically follows the mainland’s lead, as demonstrated in the strong start to 2014 in the island’s housing market.