No change again in this month’s bank base rate, so no surprise there. What perhaps is a little surprising is that the NAEA have reported that the average estate agent continued to make strong sales. Despite there being less properties available resulting in slightly fewer people searching for a new home than in May.

Agents also reported that buyers are increasingly prepared to pay what a seller asks for a property - after the difference between asking and selling prices shrank to just 1.9% - down from a 6.3% difference in June.

This seems a bit of an anomaly, as it appears that despite the market being low, lack of demand tends to push prices up! This is highlighted by RICS who stated yesterday that house prices are forecast to rise for the first time since before the credit crunch hit.

The second bit of news this week carries on from last week, where I mentioned that the Bank of England Credit Conditions Survey revealed that the supply of mortgage finance is slowly improving with lenders expecting to make credit more readily available over the next 3 months. However, nothing has come of this at the moment, particularly with regards to Buy to Let products.

That said, a new residential lender has appeared on the market, Bank of China. They are offering tracker rates from 3% another reason perhaps to consider using residential property as a means to raise cash deposits for more buy to let purchases!

Tip of the week – More monthly savings?
 

Resident Broker are committed to ensuring our clients get the very best value for money. On a recent client review we were able to resource our client’s life cover costs and save nearly 55% on their current premiums! But better than that, we maintained the monthly premium and increased their cover by nearly 56%!!! Not only enough to cover their mortgage loans, but give a very useful lump sum to protect the family!

Tip of the week number 2!

Whilst potentially saving hundreds of pounds or near doubling your life cover levels, it is always worth checking that what you have is written in “Trust” for those it is intended for. If you are not familiar with “Trusts” and why you should use them, call one of the Resident Broker team it could save you even more money in the longer term!

Website Update:

For those of you that haven’t been there for a while, remember our SpytoLet system is your unique 24/7 buy to let mortgage finder.

It can be found here:

www.residentbroker.com/start

You can even see a demo and tutorial video on You Tube - just here

http://www.youtube.com/watch?v=-lDiHBEoTW4