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Hall Quay - Great Yarmouth

March 2018 - Local Mortgage Summary

Stephen Alger of Mortgage Advice Bureau in Norwich comments:

“February was an extremely busy month for us, consistent with the same time last year when we also saw a spike in client activity.

The majority of mortgages we arranged in February were for property purchases, and we observed that First Time Buyers were particularly active, which we believe is the result of an increase in new build homes in the area and developers offering assistance via Help to Buy.  Second steppers and family movers have benefitted from the increase in property prices over the last few years and the majority are finding that they have an increased amount of capital in their property when they come to sell, which is helping to fund their onward purchase.  We also noticed a significant number of investors who were buying properties locally in February, which underscores the attractive rental yields still available.

On the remortgage side, as we’ve seen in recent months the prevalence of five year fixed rates continues, with very few customers requesting anything else unless their individual circumstances mean that they require more flexibility. 

As a result of strong levels activity locally, house prices in many areas would appear to still be in the ascendant, which we suggest could continue as we move into the Spring market.” 

Please don't hesitate to get in touch if you have any questions about this month's report, or any other mortgage-related queries.

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