Traditional seasonal failure did not happen in the property market of London

The usual annual seasonal dip in mortgage lending market the London property did not happen this year .

Data provided by Council of Mortgage Lenders showed that lending amounted to £7.1 billion in the 1st quarter of 2016, rising to 6% in the quarter and 41% compared to 1st quarter a year earlier.

The most active borrowers in the market were buyers who change their home or apartment in London, moving to a new location. The number of loans granted for this audience was 18% more compared to the previous quarter and by 63% in comparison with the 1st quarter of 2015. In the market of real estate of London is now a favorable situation for those who are willing to change your own housing. The demand for property far exceeds supply, which gives confidence to people that their old house will be sold. It is important that in the long run in the market attended by buyers ‘ confidence.

Excellent results also showed the borrowings associated with the refinancing, the volume of which became the best since 2009.

The market of real estate of London is very different from the market of the UK property outside of London. First of all, the difference is that in London, a smaller proportion of homeowners. Due to the fact that the cost of borrowing in London is three times higher than the cost of borrowing on the UK, loans less available for the people seeking to buy a property in London. The average buyer of an apartment in London , you must take the £248047, which is almost two times more than the average home buyer in England – £was 130500. The average family income in London is £62508, and in the UK – £40000. That is almost four annual salary need to borrow a resident of London and a little more than three annual salaries – resident other cities of England and Wales.

® Alice Morgan. 24.05.2016 G.

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