Northern cities surge in mortgage searches
As buyers consider more affordable housing options beyond the capital, the six major Northern cities of Leeds, Bradford, Manchester, Liverpool, Sheffield and Newcastle have witnessed a significant increase in purchase mortgage searches and now account for almost 11% of all mortgage search activity, up by two-thirds on last year7. This surge in demand highlights a broader shift for affordability and life improvements.
Is your home energy efficient?
Over half of the UK’s housing stock, that’s at least 18 million homes, have EPC ratings of D or below, with D currently the most common rating. New data8 has shown the vast difference between average annual energy bills for the highest rated homes (A) and the lowest rated homes (G). The difference can amount to thousands. For a three-bedroom house, average annual energy bills vary from £508 (A EPC rating) to £5,674 (G EPC rating), with the most common (D) averaging £2,340.
600,000 homeowners on SVRs
Around 600,000 mortgage holders are currently on standard variable rate (SVR) mortgages9. Typically, SVRs are significantly higher than rates on mortgages tracking Bank Rate, or many fixed-rate products. Borrowers are automatically switched on to SVRs if they haven’t remortgaged before their existing deal ends.
7Twenty7tec, 2024
8Rightmove
9UK Finance, 2024
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
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