View from the North

We’re certainly seeing an increase in first-time buyers, compared to the same time as last year. This is likely a result of the Stamp Duty incentive - saving a few thousand pounds seems to have given buyers the push they needed to take the plunge. It’s still possible to snap up properties in the region at a reasonable price so owning a home is within reach for many would-be owners. Those who were perhaps still saving or were waiting to see what impact Brexit will have clearly been spurred on to act now.

We’re also seeing plenty of investors keen to increase their portfolios. The buy-to-let landscape is very different to what it once was, particularly in terms of tax and landlords are still coming to terms with that. But I think it is the rental coverage requirements that are causing landlords most difficulties in the South when trying to mortgage further properties. In our region rents have not hit the ceiling yet and property prices are still relatively low - despite rises in recent years - so in areas within Greater Manchester and beyond - such as Preston - it possible to buy properties that fit lenders’ tougher criteria.

And as expected remortgage business is booming - both for residential borrowers and buy-to-let investors. We are seeing more homeowners opting for five year fixed rates and shunning the shorter deals, perhaps as a result of the interest rate rise last November.

Ideally I would like to see more cash back deals offered by lenders as opposed to free basic legals. Free basic legals are not always the best option for clients and cash back deals are often much more attractive.