Saturday, July 13, 2024

Censeo Mortgage News and Market Updates

Mortgage Facts and figures 

As a major influence in the shared ownership and new build market, we have brought together all the leading house price indices under one roof to give you the latest average home price plus the percentage change. 

Since November 2013 we have been using the Censeo Index™ to give a mean value for changes in house prices across the UK. This benchmark is an average of the five leading indices used by the financial sector and is now proving invaluable for Housing Associations and journalists to give an up-to-date picture of what is happening in the property market. 

As the parties head into the last few days of the election campaign, we’ve had some good news on the inflation rate, with the UK hitting the Bank of England’s 2% target for the first time since 2021. 

We also saw the Bank hold interest rates for the 7th month in a row at 5.25% with many commentators now forecasting that there will be a rate cut within the next few months. Much will depend on what a (probable) Labour administration decides to do after July 5th. 

However, there is still a lot of uncertainty in the mortgage market with prices moving almost daily and some Lenders increasing rates, so don’t delay contacting us so we can give you the latest information on current deals. 

Mortgage switch – Re-mortgage or product transfer? 

Censeo are committed to a long-term financial relationship with our customers. As part of our award-winning service, we are there to ensure your mortgage meets your needs and goals. Our aim is to help you: 

  • Pay no more than required on your monthly mortgage payments 
  • Buy more shares in your home (staircase) 
  • Call us on 0207 090 7290 or email us on and one of our specialist advisors will be happy to assist you secure the best mortgage rate for your personal needs. 

Mortgage News 

The mortgage market continues to be somewhat topsy-turvy with some lenders raising rates and some cutting them. On the plus side, HSBC recently joined two other major lenders in reducing mortgage rates following hints of a summer base rate cut by the Bank of England. Barclays followed suit by cutting the cost of its fixed-rate home loans for new deals, as did NatWest. 

However other high street banks and building societies have been increasing rates including the Halifax, TSB, Leeds BS and West Brom BS. This volatility is caused in part by an anticipated cut in interest rates, uncertainty about the economy and waiting to see what happens after the Election. 

At the same time, some lenders have also been pulling some high loan to value (LTV) deals – particularly those at 90 or 95%. Since last month, the number of fixed mortgage deals at 90% LTV has fallen from 700 to 696. Over the same period, the number of fixed deals at 95% LTV fell from 329 to 326. 

Housing News 

We’re now into the tail end of this year’s General Election and all the manifestos have been launched. The Conservatives plan to make the temporary first time buyer Stamp Duty relief on homes up to £425,000 permanent. They also want to introduce a new Help to Buy scheme as well as continuing with the mortgage guarantee scheme. 

Meanwhile the Labour Party promises to launch a permanent mortgage guarantee scheme plus first time buyers will get the chance to buy homes before international investors. 

Sticking with first time buyers, according to new research, one in two prospective purchasers have considered or are considering using shared ownership to get onto the property ladder. 26% of respondents said it allowed them to gradually build ownership, while another 26% noted that it made otherwise unaffordable properties accessible. Then a quarter said shared ownership enabled quicker purchases, while 24% found monthly repayments cheaper than full mortgages or renting. 

Finally, the May 2024 RICS UK Residential Survey showed a slight downturn in the sales market. This appeared to be linked to reduced expectations regarding monetary policy loosening by the Bank of England in the latter half of this year. At the same time, as you can see from the Censeo Index below, house prices have stagnated again. 

Social Media 

If you are looking to buy or already own it’s worthwhile following Censeo on social media where we post all the latest on the housing and mortgage market please follow Censeo Financial on Instagram, Facebook and LinkedIn

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First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.

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