Home Finance – In the news

Apartment sales drive recovery 

Agreed residential sales have returned to pre-pandemic levels for the first time since September 20221. The number of sales in March 2023 was only 1% behind March 2019, with the recovery largely driven by sales of apartments, which are now 10% above 2019 levels. In total, agreed sales remain 18% below the exceptionally busy market of this time last year.

Mortgage repayments rise 

Buyers are paying up to 60% more on their monthly mortgage repayments compared to December 2021, according to new research2. The average two-year fixed rate on a 95% LTV mortgage, the analysis showed, has monthly repayments of £1,793, which is £615 per month higher than 15 months ago.

Homeowners underestimate ‘rebuilding’ costs 

Roughly nine in 10 homes have underestimated the amount of cover they need to account for ‘rebuilding’ costs on their property insurance, estimates show3. This is largely because costs have shot up by 18% in a year, resulting in the average three-bed semi-detached home now costing £53,000 more to rebuild than it would have in February 2022.

1Rightmove, 2023

2House Buyer Bureau, 2023

3Building Cost Information Service, 2023

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.