According to Zoopla UK house prices rose by an average of £16,000 in 2021, a record year for housing. The average UK home now sits at £240,800 compared to £224,800 in 2020, an annual rise of 7.1% in house prices. The lasting results of the pandemic, stand duty holiday and work from home mantra has been the perfect cocktail that has allowed people to capitalise.
What we also have to factor is that a fifth of the UK’s housing stock (5 million homes) increased by more than £35,000. This type of growth is market activity that has seen the total value of UK housing rising by £670 billion in 2021 to £9.5 trillion.
Buying demand on average has increased by over 15% since 2020, with the end result being East Midlands showing an increase of 42%, West Midland increasing by 35% and Yorkshire posting a 28% rise. More people moved into a new home in June 2021 than any other year since 2005 when Zoopla began recording housing market activity.
With the stock of homes being down by around 33%, the supply and demand imbalance has created more buying competition which has pushed prices up further. With some homeowners now sitting with greater equity and the demand from owners looking for additional space, they expect demand will remain strong for the foreseeable future.
Call today and speak to one of our team for more information and help with finding the most suitable finance package that meets your needs and suits your specific circumstances.
Alternative options available
Commercial mortgage lenders will only lend against ready to use property. They will not lend against property which needs to be refurbished unless the business is going to pay for the refurbishment themselves and the refurbishment itself is mostly cosmetic.
Bridging finance is generally the type of lending used where a borrower intends to refurbish a commercial property and requires funding towards that we well as the purchase. If bridging finance is required, the business will need a deposit of approximately 35% and LA Bridging can also secure lending towards refurbishment which can be as much as 100%.
If bridging finance is required, LA Bridging is able to organise a long term commercial mortgage once any refurbishment is near completion.
Where a business is looking to purchase or refinance a large portfolio of buy to let residential property, they are often told they need a commercial mortgage but what they actually need is a multi-unit buy to let mortgage which LA Bridging has access to from its lender panel.
Solutions for Business Growth
Commercial Bridging
Bridging Finance
Commercial Mortgage
Bridge to Let
Development Finance
Option to Purchase
Commercial bridging for business, investment or development
Criteria overview
- Competitive and flexible rates
- Up to 100% LTV with additional security.
- Terms from 3 to 18 months
- Adverse credit considered
- Loans from £25K to £50M
- 1ST and 2ND charged lending
Contact us today for your bridging finance, buy to let mortgage, commercial mortgage, bridging loan for house purchase, HMO purchase, emergency cashflow loans, auction finance, bridging loans for property development, bridging loan mortgage, business bridging loan, commercial development financing.
