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Author: nxl-finance

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House prices near-record as momentum builds in property market

Right time to start to think about more property investment?

Rightmove figures show that house prices, which grew by 0.8% since the general election, have grown to near-record levels and are now on average just £40 below the record level of £309,439.

Rightmove reported that traffic on its website was up 7.2% last month compared to a year ago. This has started to translate into sales figure, up 12.3% nationally and 26.4% London.

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Shawbrook Bank say Commercial Mortgage Enquires up Almost 3 fold

In yet another positive sign for the UK property market, Bridging & Commercial report that Shawbook Bank has seen an almost 3 fold increaseDiagram, Icon, Business, Symbol, Chart

in commercial mortgage enquires in January 2020 vs. January 2019, following the general election result.

In an interview with Bridging & Commercial Rob Lankey of Shawbrook said “…We’re optimistic that 2020 will be a bumper year,”.

Bridging & Commercial

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Majority of UK landlords plan to invest during 2020, research shows

New research from The National Landlord Investment Show shows growth in interest in the UK’s buy-to-let market, despite recent economic and political uncertainty. It shows that 60% of  landlords and property investors who attend the UK’s leading buy-to-let exhibition show are looking to invest in 2020.

Out these, 71% have expressed a preference to invest in residential property. A interesting feature is that more landlords and investors are showing interest in commercial properties, with 23%  owning commercial properties in their portfolio.

Property Reporter

See Buy to Let Mortgages and Commercial Mortgages from NXL Finance 

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First-time Buyer Mortgages at 12-Year High

Further signs of a recovery comes from a market analysis from Yorkshire Building Society. This shows that first-time property buyer numbers reached a 12-year high in 2019. Nitesh Patel, Yorkshire Building Society’s Strategic Economist, said: “Property prices have grown at a faster rate than wages over the past 12 years, which has created difficulties for first-time buyers.

Yorkshire Building Society

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Mortgage Approvals at Highest Level since 2017

Mortgage approvals in December was the highest for nearly 2 and a half years. A further indication of green shoots in the economy was that house prices also rose at 1.9% in January, the fastest rate for 14 months according the to Nationwide Building Society.

The Times

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Shawbrook Bank simplifies Buy to Let Mortgage Range

Amongst the Buy-to-Let (BTL) Mortgages available from NXL,  Shawbrook has improved it’s BTL range and streamlined the application process.  The streamlined range comprises : Single BTL (for property investors looking to borrow under £750k), Complex BTL (for higher values, or for portfolios and small HMOs) and Large HMO for purchase or refinance an HMO with 7 or more occupants). Interest  now start from 3.25%.

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No Increase in Interest rates / positive signs in the Economy

The Bank of England has decided to keep its base interest rate at 0.75%.

There had been speculation that rates could be cut to stimulate the economy, but with cautious signs of a recovery the Monetary Policy Committee opted for now chance.

https://www.bbc.co.uk/news/business-51309256

 

 

 

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UK Businesses Best month for Over A Year

The UK composite purchasing managers’ index (PMI) which includes the two sectors. rose to a 16-month high of 52.4, up from 49.3 in December.

With reducing uncertainty, positive news from UK purchasing managers’ index (PMI) compiled by IHS Markit shows manufacturing and services saw their best month for more than a year in January. The IHS Markit/CIPS PMI for services showed the sector returning to growth for the first time since August 2019, rising to 52.9 from the previous month’s 50.0. Any score above 50 indicates expansion. Manufacturing continued to contract, but at a slower pace. Its PMI reading rose to 49.8 from December’s 47.5. With figures out this week also showing consumer confidence also up, experts are calling on the Bank of England to keep interest rates on hold.

https://www.bbc.co.uk/news/business-51233858

 

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