This week in five seconds
- Listings in north have slowed more quickly than rest of UK
- Mortgage financing is tightening
- Asian buyers have returned to prime London
Northern listings slowing quicker than rest of UK
The initial burst of listings post-covid is now stabilising back down to a normalised level. Listings (supply) in the North, which accounts for approximately 15% of the UK by volume, has slowed notably faster than the rest of the UK.
Mortgage financing tightening at all levels
Lending criteria is noticeably tightening. We have seen this in multiple transactions over the last week where the mortgage was previously agreed in principle and the bank has come back and requested further due diligence to “look at their suitability”. These are not isolated occurrences: the banks are reining in ahead of softening economic expectations.
Return of the Asian buyer by remote viewing
A bright spot this week is the return of the Asian and specifically Hong Kong buyer. This may be due to the geopolitical environment in Hong Kong but we have multiple London agencies reporting new Hong Kong applicants.
This foreign interest has picked up in Notting Hill, Chelsea and the usual suspect areas. It is more likely a benefit to those selling apartments that can be “London boltholes” to foreign buyers.
We note these buyers are all viewing properties using 3D remote viewings and in some cases bidding on the property without physical viewing.
Movewise will arrange 3D virtual tours so do call us if you need them done.
Have a great bank holiday weekend.
The Movewise Team