Contractor Mortgages Market Boom – Best Places for Contractors to Buy

Contractor Mortgages Market Boom

Contractor Mortgages Market Boom

There is a Contractor Mortgages Market boom, according to specialist contractor mortgages broker Tony Harris.

London has seen massive rises in the price of houses and apartments. With London becoming, more and more, an international city, the contractor mortgages market is set to continue in its upward path.

The best value in the next few years, though, could be in cities and areas who have more recently started rising in price.

Property Mortgages Market Boom Moving North

Every property market boom starts, firstly, in the south and gradually spreads throughout the country. It moves north generally.

The current contractor mortgages market boom is going that way.

This means that cities like Sheffield, Liverpool and Glasgow are likely to rise more than southern cities in he next few years. The contractor mortgages market is likely to increase significantly in those cities.

Property experts say that London house prices will continue to rise – but at a slower rate than northern cities.

Buy a House up North

Indeed, if a contractor from London got an extended contract in a northern city, like Liverpool or Glasgow, it might be a good idea to sell up in London and buy a house in Liverpool or Glasgow.

Firstly, it would be an absolutely palatial place you could get there just by selling a flat in a decent area of London.

Secondly, when it was time to go back down south again the contractor would get an even better property in London after selling his, or her, northern house for more than his previous place in London was now worth.

Your house could make more for you than your contract.

Average Annual Earnings

House prices in London are now 12 times Londoners average annual earnings. For the UK as a whole it is 6.3 times annual earnings.

Average house prices in both London and Oxford were now so high that they were more than 12 times local annual earnings – almost double the UK average of 6.3 times wages.

The cities where house prices have been rising for 6 years are as follows. They are Aberdeen, Bristol, Cardiff, London, Cambridge, Birmingham, Oxford and Manchester.

Contractor Mortgages Market Best Areas to Buy

Although property prices will continue to rise in those cities, it will be at a slower rate than the following cities which have only started to recover in the past two years.

They are Glasgow, Edinburgh, Liverpool, Newcastle, Sheffield and Leeds. Belfast has only started recovering in the past 18 months and houses there are at real bargain prices.

House Prices in those cities are only between 3 and 6 times local annual salaries. This makes them most affordable. There’s more room for property price rises in those cities.

London Property Boom

In the last 6 years the average property price in London has risen from £144,278 to £405,500. That’s astonishing. Part of that is due to London’s status as an international city.

The Government’s Help to Buy scheme has given a massive boost to the contractor mortgages market. It means that first time buyers could enter the housing market again.

They can get 95% mortgages now compared to 75% to 80% mortgages before.

Contractor Mortgages Maximum Offers

Low rates are also sending the market higher. These are the lowest rates that contractors have ever had – and many of the are taking fixed rate mortgages to lock in those low rates.

A contractor mortgages lenders war has intensified this year leading to some great bargains for contractors as regards mortgage rates.

Banks and building societies ask contractors for three years worth of accounts. Contractor mortgage brokers need just a copy of the contract.

High street banks and building societies base their offers on the contractor’s director’s salary. Contractor mortgage brokers base it on a contractors daily rate annualised – which is much more.

This has led to the current contractor mortgages market boom.

To find our more click on Specialist Contractor Mortgages

Contractor Crowdfunding Club

To learn more, or to join, our Contractor Crowdfunding Club click on Contractor Crowdfunding Opportunities

You’ll hear first about great crowdfunding opportunities and get in ahead of the crowd. Often these opportunities disappear in hours.

First Time Buyers Property Boom on back of Help to Buy

Property Crowdfunding for Contractors

First Time Buyers Property Boom

A first time buyers property boom has sent the property market soaring. Prior to the Help to Buy scheme being brought in by the Government, contractors were having to stump up 20% to 25% deposits if they wanted to buy a house or apartment. As you can imagine, most first time buyers could not afford that.

Therefore, these high deposits pretty much excluded first time buyers from the market and they are normally the lifeblood of the property market.

Laws of Supply and Demand

If you cut the demand for a commodity then, if the supply stays the same, the price decreases. Equally, according to the economic Laws of Supply and Demand, if you increase the demand for a commodity, and the supply remains the same, then the price goes up.

That is why house prices were previously falling and now they are rising.

With the addition of first time buyers to the market the demand has increased and so the prices have been rising. This has been because of a first time buyers property boom.

House Prices Rising

Recent figures from the Office for National Statistics (ONS) have shown that house prices rose by 9.% in 2014.

Mortgage lenders have reported that this first time buyers property boom has led to a record level of mortgages sold to first time buyers.

The average house price is now £272,000 – up £22,000 in just a year.

Specialist Contractor Mortgages Market

There’s also a first time buyers property boom in the specialist contractor mortgages market, according to specialist contractor mortgages broker Tony Harris.

He has been getting contractors mortgages for years. You are always better to use a specialist contractor mortgages broker. They can get contractors the best deals.

He can get contractors mortgages based on their daily rate annualised times 4. All they have to do is produce a copy of their contract.

If contractors went to a high street bank or building society they would ask them for 3 years worth of accounts. Any offer would be based on their Director’s Salary too.

To find our more click on Specialist Contractor Mortgages

Contractor Crowdfunding Club

To learn more or to join our Contractor Crowdfunding Club click on Contractor Crowdfunding Opportunities

You’ll hear first about great crowdfunding opportunities and get in ahead of the crowd. Often these opportunities disappear in hours.

 

Help to Buy Property Boom sends Housing Market Soaring

Help to Buy Property Boom

Help to Buy Property Boom

House Prices soared by £6,000 just last month in England and Wales boosted by a Help to Buy Property Boom.

That’s up 2.4% in just a month.

There was a fall of 4% in the number of new sellers.

Everyone knows that, according to the Economic Laws of Supply and Demand, if the Demand remains the same and the Supply (of housing) decreases then the price of that commodity (houses) will rise.

So, that’s what has been happening.

Buy To Let Property Owners

It seems that Buy to Let property owners are hanging onto their properties. It also seems that Buy to Let investors are long-term investors and are less likely to sell than other property owners.

With more Buy to Let property owners about, that is decreasing the supply of properties for sale even further and pushing up the price.

With mortgage rates at record lows and the Government helping new property owners to get 95% mortgages, there is a Help to Buy property boom on full flow.

Many people’s houses are earning more than the people who live in them.

Lenders Competing for Customers

Estate Agents are saying that they are seeing the lowest ever level of quality properties on the market. No one is selling except those who have to, as they watch their house prices rise and rise.

Lenders are now having to compete aggressively for customers and UK Contractors are taking advantage and sealing in these great rates. There’s a mortgage war happening at the moment and a Help to Buy Property boom.

Specialist contractor mortgage brokers are getting contractors fantastic rates, at the moment, based on just the production of their contract. They are also getting them 95% Help to Buy mortgage offers based on their daily rate annualised.

For more information see Specialist Contractor Mortgages