7 King Street, Richmond, North Yorkshire, DL10 4HP

It’s not all Doom and Gloom

 Details from Friday 23rd June’s meeting between the chancellor & the bankers discussed the latest market indicators which showed that mortgage arrears & defaults remain below the pre-pandemic levels. This places the market in a significantly stronger position than before.

  • Less than 1% of total residential mortgage borrowers were in arrears in the first quarter of 2023 – Significantly lower than the 3.32% rate in 2009.
  • The proportion of disposable income spent on mortgage payments is currently 5.4%, as against about 10% in the 1990s & prior to the 2008 financial crisis.
  • The average homeowner re-mortgaging over the last 12 months had around a 50% loan-to-value ratio, with considerable equity in their homes.
  • Lenders have less than 10% ‘owner-occupier mortgages’ on their books with loan-to-value rates greater than 75%, compared to around 25% before the 2008 financial crisis.

In summary the market is not as bleak as perhaps the media is suggesting.

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About Marcus Alderson

If you’re looking to sell your home, we offer a fast, free and efficient market appraisal service. With well over 80 years experience in estate agency and extensive local knowledge, we pride ourselves on making honest and accurate market valuations, and we have the track record to prove it!


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