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As the UK adjusts to the aftermath of the General Election, many will be wondering what this means for the housing market. However, analysis of previous election periods suggests that home movers are largely unfazed by changes in Parliament 1️⃣. Undeterred buyers - In a survey carried out before 4 July, 95% of prospective buyers said that their moving plans were unaffected by the election. This is reflective of activity seen around previous UK elections. In the two months running up to the December 2019 vote, buyer demand was stable. Then, in January 2020 there was a 14% annual increase in demand. Similarly, demand increased by 9% year-on-year in the month of the May 2015 election. Again, the UK saw a post-election boost in the subsequent month, with demand up 18% annually that June. What’s in store? Rightmove’s property expert, Tim Bannister, observed, “Previous elections would indicate we may be set for a particularly strong summer once the election is over, especially if interest rates start to fall.” Talk it through with us - If you want to understand how your property dreams are affected by the election results and potential policy changes, please do not hesitate to get in touch. Your home may be repossessed if you do not keep up repayments on your mortgage 1️⃣ Rightmove #MortgageAdvice #PropertyMarket #Housing

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It seems that 2024 is a popular year to sell, as housing supply has reached an eight-year high 1️⃣. The average estate agent currently has 31 homes for sale – 20% more than this time last year. Over the last 12 months, the value of homes on the market has also increased by 25% to £230bn. This is thanks to a rise in the number of 3 and 4-bed family homes on sale, the supply of which was limited during the pandemic. Although this is positive, it is worth noting that nearly a third (31%) of properties on the market have been up for sale since 2023. Also, the number of sales agreed is only up by 13% year-on-year, highlighting that the number of transactions has not quite matched the growing supply of properties. It therefore seems that supply is currently outweighing demand in the UK. 1️⃣ Zoopla, 2024 #Housing #Mortgages #PropertyMarket

Your credit score plays a crucial role in mortgage approval. It impacts your eligibility, interest rates, and loan terms. A higher score can lead to better mortgage options, while a lower score may limit your choices. To improve your credit score, pay bills on time, reduce outstanding debts, and avoid opening new credit accounts before applying. Want to discuss this further? Speak with one of our specialists today! enquiries@pioneermortgage.co.uk #CreditScore #MortgageAdvice #FirstTimeBuyers

Following Labour’s landslide election win, much of the nation is waiting to find out what is in store for the UK housing market. Many major policy changes will be announced in the Autumn Budget on 30 October, but Housing Secretary Angela Rayner has already announced the new draft of the National Planning Policy Framework (NPPF), which is now out for consultation until September. Delivery of new homes - In Labour’s manifesto, a pledge to build 1.5 million new homes over the next Parliament was made. To make this possible, Angela Rayner announced that the nation’s new mandatory housing target is 370,000 new homes per year – up from 300,000. All local authorities will have an obligation to increase delivery and councils may have to build on low-quality green belt sites to achieve this. Change to calculations - The government has also changed the way of calculating the number of houses that must be built in each area. Rayner told MPs, “This new method will require local authorities to plan for homes proportionate to the size of existing communities and it will incorporate an uplift where house prices are most out of step with local incomes.” Capital’s target reduced - The government has decreased the target for London from 100,000 to 80,000, which she said is still “a huge ask”. Last year, about 35,000 new homes were delivered in the capital under the previous government. Affordable housing - Rayner promised that Labour’s housing plans would include “the biggest boost to social and affordable housing in a generation”; it is expected that at least 50% of developments on green belt land will need to be affordable. Government schemes - Plans for buying schemes have yet to be announced; however, before the election, Labour promised to extend the Conservative’s Help to Buy scheme, under the new name of Freedom to Buy. This is part of their commitment to support 80,000 young people get a foot on the property ladder. Lenders are likely to be encouraged to offer more mortgages for those who cannot afford a larger deposit. Right to Buy review - The new government is also expected to review the Right to Buy scheme, which enables most council house tenants to buy their home at a discounted rate. The Labour Party might limit eligibility for this scheme to ensure new social homes are not sold off. We can help you through it - The next few months will see a lot of changes. With the new NPPF coming in September and the Autumn Budget following the month after, we are keeping on top of it all. Whether you’re looking to buy your first home or move up or down the housing ladder, we can help you achieve your property goals. Your home may be repossessed if you do not keep up repayments on your mortgage. #HousingMarket #PropertyMarket #LabourParty

Watch out for these red flags when applying for a mortgage 🚩 Mortgage Protection Specialist, Gail Bailey CeMap, shares key tips to ensure a smooth approval process. #MortgageTips #HomeBuying #MortgageAdvice

Before the election, property experts Rightmove carried out a survey to ascertain what this new government’s priorities should be when it comes to housing. Here is a roundup of what the nation is hoping for. Speed up housebuilding - One of the top recommendations was making improvements to the housebuilding process 1️⃣. Buyer demand has increased by 15% since 2019, but the number of available homes has not increased at the same rate. In fact, supply is 6% lower than before the pandemic. The rental market has experienced a similar challenge – tenant demand is 32% higher than 2019 but supply of rented homes is down 38%. As a result, asking prices and rents have increased. To solve this, Rightmove’s property expert Tim Bannister suggests “smoother planning processes to transform the delivery of new homes and produce more affordable housing”. Help for first-time buyers - Another top priority was providing better support for first-time buyers (FTBs). It is perhaps unsurprising that this was the most popular request from renters, as now is a particularly challenging time to get a foot on the property ladder and the average age of FTBs is increasing 2️⃣. Rightmove’s mortgage expert, Matt Smith commented, “it’s critical that the government works with regulators and lenders from day one on any mortgage solutions, to ensure buy in and take up, which will in turn create more options for first-time buyers.” Reform Stamp Duty - Many have called for changes to Stamp Duty 1️⃣. FTBs in England and Northern Ireland have been exempt from Stamp Duty on homes up to £425,000 since 2022. But this exemption (due to end in April 2025) is not beneficial for most FTBs in the capital, where house prices are higher than the rest of the UK. With this in mind, Tim Bannister reflects, “With such regional differences in property prices, increasing Stamp Duty thresholds in line with these regional differences would seem a logical first step for Stamp Duty reform.” Make homes greener - Homeowners and renters would like to see the government put some incentives in place to encourage people to make their properties greener. Following Rishi Sunak’s announcement that private rented properties will no longer have to meet the minimum EPC rating of C, many landlords have put their plans to improve energy efficiency on the back burner. Rightmove commented, ‘Homeowners also need better and easier access to schemes that enable them to make green improvements, with the recognition that each home requires different improvements and that currently the upfront costs are a big barrier to change.’ We’re here for you - As the UK settles into the new government, we are here to help you through any changes. Your home may be repossessed if you do not keep up repayments on your mortgage 1️⃣ Rightmove 2️⃣ BSA #MortgageAdvice #UKHousing #HousingMarket

Mortgage fraud can have serious consequences, so it’s important to stay informed. Here are some common types of fraud and tips to keep you safe: Common Types of Mortgage Fraud: ❗ Misrepresenting your income to qualify for a larger loan. ❗ Using someone else's identity to secure a mortgage. ❗ Inflating property values to receive a higher loan amount. Red Flags for Borrowers: 🚩 If someone encourages you to misrepresent your financial information. 🚩 Unexpected or unexplained fees in your loan documents. 🚩 Offers that seem unusually favourable or out of line with the market. Lender Measures to Prevent Fraud: 🟢 Thorough checks of income, employment, and assets. 🟢 Using data analytics and fraud detection software. 🟢 Conducting frequent audits to identify and prevent fraudulent activities. Stay vigilant and informed to protect yourself from mortgage fraud. Always work with reputable lenders and consult with trusted professionals. For more information, contact us at enquiries@pioneermortgage.co.uk #MortgageFraud #FraudPrevention #HomeBuying 

Following a slight dip in April, UK house prices showed modest growth in May. The average house price rose monthly by 0.4% to £264,249 in May, having fallen by 0.4% the previous month. Promisingly, annual growth was also at 1.3%, up from 0.6% in April. Expert opinion - Robert Gardner, Chief Economist at Nationwide, commented, “The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer term interest rates in recent months.” The UK awaits cuts to Bank Rate - It is uncertain when the cost of borrowing will improve - the earliest that base rate could come down is August, following the Bank of England’s decision to hold it at 5.25% in June. When the first cut does come, it is possible that the UK could see significant house price growth. Signs of hope - Despite higher mortgage rates, Gardner commented that “Consumer confidence has improved noticeably over the last few months”, reflecting that this is likely due to “solid wage gains and lower inflation.” Mortgage advice - As the UK housing market continues to fluctuate, we can help you understand what it all means for you, your mortgage and home purchase. Get in touch for advice. Your home may be repossessed if you do not keep up repayments on your mortgage 1️⃣ Nationwide #Housing #Mortgage #HousePrices

🔍 Here is some guidance on getting a mortgage from one of our experts. #MortgageAdvice #Mortgages #Lenders