A growing number of property investors are realising that they can generate better returns by buying a run-down property and renovating it to achieve a higher re-sale price or retaining the property and benefitting from increased rental income. So, what are the options?
Lenders shrugged off Brexit uncertainty on Friday as mortgage loans hit a nine-month high in the month that the UK was supposed to leave the European Union. Industry data from the UK Finance industry body showed High Street banks approved 39,980 mortgages in March, up 6% on a year ago and 2% ahead of the previous month.
A change of rules aimed at helping lower the housing costs of thousands of so-called "mortgage prisoners" has been proposed by the City watchdog. Some 150,000 homeowners are stuck on high interest-rate home loans with unregulated or inactive firms, and are unable to switch to a cheaper deal.
The mortgage market got off to a strong start to the year in January, with the number of first-time buyers and home movers up on a year earlier. 25,100 new first-time buyer mortgages were handed out that month, 4.6% more than in the same month in 2018. The average first-time buyer is aged 30 and puts down a 17.8% deposit. Some 25,300 home mover mortgages were completed in the month, 2.8% more year-on-year. This suggests that the residential mortgage market has had a strong start to the year, despite ongoing economic uncertainty.