Mortgage Approvals at All Time High

Mortgage Approvals at All Time High

Mortgage approvals reached an all time high recently as the scramble to buy homes continued.

The number of mortgages given the green light hit their highest level since October 2007 as a result of pent-up demand following lockdown and the government’s stamp duty holiday.

A total of 82,400 mortgages were approved in September, a 24% increase on the previous month’s total, according to the Bank of England.

David Cachet, managing director, Homefindist, said: “Today’s report confirms the bounce back in mortgage approvals for house purchases that we identified during August. We have seen continued growth in applications during September showing that demand remains high at approximately 34% up on a year ago.

“At the same time, there are signs of softening of demand from first-time buyers with 18% fewer applications for mortgages requiring less than a 14% deposit in September when compared to August.

“This is potentially affected by reducing availability of low deposit mortgages but has been offset by strong demand amongst home movers and higher equity applicants.”

Why is this happening?

A number of factors have combined to produce August’s strong figure for mortgage approvals for house purchase.

On the one hand, demand that built up during the weeks that the housing market was closed is continuing to work through the system.

At the same time, lockdown itself has prompted people who were previously happy to stay put to consider moving, after finding their current home did not meet their needs during lockdown.

The government’s stamp duty holiday, under which stamp duty is waived on homes costing up to £500,000 until 21 March, has provided a further boost to the market.

Who does it affect?

The fact that the housing market is so buoyant is good news all round.

Prior to the pandemic, property transaction levels had been held back by a shortage of homes for sale.

The situation created a vicious circle for the housing market, with existing homeowners delaying listing their property because of a lack of choice for their next home.

The current high level of activity in the market indicates this issue has now been overcome.

It is also significant that mortgage approvals for house purchase have reached their highest level since the global financial crisis, as this suggests despite concerns about economic uncertainty and rising unemployment, banks and building societies are still happy to lend on homes.

 

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Selling

10 Biggest Mistakes To Avoid When Selling Your House!

Don’t Sabotage Your UK House Sale: 10 Mistakes to Avoid (and How Hanafin Estates Can Help!)

Selling your house? It’s an exciting time, but also a process riddled with potential pitfalls. Don’t let these 10 common mistakes derail your dream sale and leave you with a mountain of regret. Let’s explore how to navigate them smoothly, and how Hanafin Estates can be your trusted partner throughout:

**1. Don’t Overprice Your Property**

Everyone wants top dollar, but an inflated price tag scares away the best buyers. Overpriced houses linger, leading to desperation and potentially selling for even less later. Here’s the solution:
* Get a Realistic Valuation: Head to Hanafin Estates’ valuation page (https://hanafinestates.co.uk/valuation) for a free, accurate assessment based on recent local sales. Knowing the true market value sets the stage for success.

** 2. Don’t Undervalue Your Property **

Some agents will encourage you to undervalue your property as, ultimately they can sell it faster and if they’re on a fixed fee it won’t make any difference to them if it sells for less in this respect.

Secondly, they won’t have to do as much work on the marketing or subscribe to as many portals, as the price alone will sell the property.

You want to be basing your property price on the previous sales in the area for similar types of properties (an average of 3 ideally), accounting for any recent market fluctuations.

Hanafin Estates expertise can help with this:

Call us on 0132 5790 600, visit our 16 Duke Street office by appointment only or email sales@hanafinestates.co.uk to get the process started and have your property listed within 48 hours!!

** 3. Listing With An Agent With The Most Properties: **

This is a very common mistake and a big one! Many people associate the agent with the most properties as being the most in demand and popular, so they assume this is a good thing. Then their property is hanging around for weeks on end and they can’t get through to anybody to give them an update.

An agent overloaded with properties gives yours less attention. Viewings get delayed, and buyers lose interest.
* Choose a Focused Agent: Opt for a smaller agency like Hanafin Estates, where dedicated agents have time to truly understand your property and market it effectively. Your home gets the spotlight it deserves, maximizing viewing opportunities and attracting serious buyers.

** 4. Don’t Skimp on the EPC or Floorplan: **

An outdated Energy Performance Certificate (EPC) delays your listing. It’s a legal requirement, and buyers expect it. Similar with a floorplan which is a benefit to an advert.

If an agent offers you the service by their handoff as it will help you to get your listed quicker and in the best manner for the buyer.

** 5. Not Being Open To Negotiate: **

When you have an interested buyer if they are keen negotiate as best as you can to compromise to each price otherwise you may lose them and end up selling the property for less later on tour less keen by when you are in a more desperate position

** 6. Not Dressing The Property Well: **

Not dressing the property well and presenting it for sale. If your property is in an average state and you haven’t dressed it well it may put off buyers and reduce excitement. Clean up the exterior clean up the interior and do any minor jobs that are necessary to present the property well.

** 7. Pressuring Your Agent And Not Fostering A Good Relationship With Them: **

If your agencies you as a pushy client, remember they have not earned anything until your property sells so they will have many other clients who maybe treating them with respect & appreciation so they may feel like putting their extra effort towards those if you put yourself in their black book. Not showing respect and appreciation for their upfront service is not a smart move.

** 8. Not Choosing The Right Buyer: **

Cash buyers with few complications are ideal. Don’t get hung up on the highest offer if it comes with a chain or financing delays.

* Hanafin Estates Qualifies Buyers: We screen potential buyers and prioritize those who can move quickly and smoothly, offering greater peace of mind & impartial advice. Ultimately the choice is yours, to match your ideal buyer profile.

** 10. Choosing Agents For The Wrong Reasons: **

Choose an estate agent you feel comfortable with.

Things like lowest price or the agent with the most boards up in the town are not solely the best indicators.

As mentioned, agents with lots of properties may have the less hours per property in staff capacity. Pick an agent you feel comfortable with and trust to do the best for your interests. Some agents are selective with buyers and pick buyers which will use their letting services to boost income, etc. This is narrowing your market and not in your best interests. Some agents push people towards mortgage services and incentivise things like this over who is the best buyer for you, go with your gut & choose the agent you believe in.

** Conclusion**

Avoiding these common mistakes can significantly improve your chances of a quick, profitable sale. **Hanafin Estates**, with its specialized services and customer-centric approach, stands ready to guide you through each step, from valuation to closing. Don’t let the complexities of the UK property market overwhelm you; let Hanafin Estates turn your selling experience into a success story. We will sell your property for:

* The highest price possible
* Quickest sale time
* Lowest possible fee

This is backed up by track record & recent sale statistics! ✅

** To Move Forward Together, contact Hanafin Estates today** for a free valuation and discover how we can tailor our services to meet your selling needs.

—

**Call to Action**

Ready to sell your property without the common pitfalls? **Visit Hanafin Estates** at www.hanafinestates.co.uk or call us at 01325 790600 to start your journey towards a successful sale. Remember, with Hanafin Estates, your property sale is in expert hands.

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