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mortgage newsletter - spring 2021

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>> a reflection on the last 12 months…

Well, it certainly has been a strange 12 months.

In short – the property market enjoyed a mini-boom in 2020. The heightened activity was driven by a combination of pent-up demand, built up during the UK’s first lockdown, and purchasers keen to take advantage of the government’s stamp duty holiday.

The number of properties being put up for sale also rose last year – the longest uninterrupted sequence of growth in new properties coming on the market since 2013. Despite the increase in sellers, the average number of properties that estate agents had on their books remained close to record lows. Unsurprisingly, the high levels of buyer demand, combined with the shortage of homes for sale, continued to push property values higher towards the end of last year in the UK, with Wales, the South West, the West Midlands and Yorkshire and the Humber all saw exceptionally strong house price growth.^ 

A final thought… As the dust settles and we reflect back – we want to thank you all for your continued support in the past year. As always, we will continue to dedicate our time to servicing our customers, both existing and new. Our piece of advice for 2021 is don’t forget us – please do get in touch if you have any questions about your current mortgage with us or if you simply want to find out how much your property is worth.

Call 01525 244 589 and book a no-obligation mortgage services consultation to discuss your options, whether it be looking to move, remortgage or expand/redecorate your existing home/property. Alternatively, get in contact with us today – we can arrange a no-obligation valuation on your home.

^Source: RICS UK Market Residential Survey, September 2020.

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>> has lockdown got children who have flown the nest coming back home?

New research from Barclays reveals adult children who 'boomeranged' back to their parents' home during the lockdown period have totted up an average bill of £2,702.28 per year^^ in extra household costs. Here are just some of the examples of the things that have increased, per household, whilst children have been at home^^:

  • Subscriptions (e.g. Netflix, Amazon Prime and meal delivery boxes) – £28.18 
  • Petrol – £26.59
  • Internet – £26.55 
  • Food Shopping – £25.30 
  • Heating bill – £22.33 
  • Wine, Beer, Spirits – £22.09
  • Takeaways – £19.75 
  • Cleaning Products – £19.09
  • Miscellaneous costs – £18.58
  • Water bill – £18.20
  • Toiletries – £15.93
  • Electricity bill - £14.76

However, despite the increase in outgoings, the majority of parents (90%) haven't charged their children rent, with a quarter (24%) admitting this is down to feeling awkward asking for extra money to support.

Nonetheless, nearly all adult children (91%) are finding other ways to help their parents out whilst staying with them, this includes helping with household chores. Cooking (57%) is the most popular way to earn some brownie points, followed by washing up (50%) and cleaning.

Graham Closier, Head of Mortgage Development says "The pandemic has resulted in people having to adjust their lifestyles and review their priorities with many families spending unexpected quality time together when children have had to move back home. However, for parents who are re-evaluating their home and considering whether to renovate or extend their property or for those who want to help their children get onto the property ladder and reclaim their home back in 2021, I would recommend talking to one of our Mortgage Advisors, who will be able to provide advice on your mortgage needs."

To book a no-obligation Mortgage Services appointment please call the Customer Services Team on 01525 244589 or alternatively email customerservices@sequence.co.uk with your preferred contact number and/or email address in order for us to contact you.

^^Source: Barclays bank, August 2020.

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