Page 27 - Redbrik: Property and marketing Autumn/Winter 2019

TOP 10 MORTGAGE LENDERS:
• The UK’s top ten mortgage lenders lent a staggering £211.3 billion in 2018, increasing their market share to 78.7 per cent, up from 77.1 per cent in 2017.
Clydesdale Bank plc
Virgin Money
Yorkshire Building Society
Coventry Building Society
HSBC Bank
Source: dataloft / UK FINANCE, 2019
Lloyds Banking Group
Nationwide Building Society
Royal Bank of Scotland
Santander UK
Barclays Bank
of homeowners citing this reason. Those buying with a mortgage are even more strongly motivated by larger homes.
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• If included, the ‘Bank of Mum and Dad’ would have taken 10th position. According to Legal and General, parents and family members lent
£6.3 billion to loved ones in 2018.
• Figures from the Bank
of England indicate mortgage approvals for the first half of 2019 are
1.1 per cent higher than
a year ago, with lending virtually unchanged. The current average mortgage rate is at an historic low of just 2.43 per cent.
WHY DO EXISTING HOMEOWNERS MOVE HOUSE?
• Younger owner-occupiers are more likely to be looking for their next home than older households.
6.7 per cent of 25 to 34-year-old homeowners
and 6.8 per cent of 35-44 year-old homeowners are expecting to move in the next six months compared to just 1.6 per cent of over 65-year-olds.
•
Moving to a larger property is the most popular reason why homeowners expect to move, with 37 per cent
Larger house/flat
37.1%
Other reason
26.9%
Closer to family or friends
17.5%
Better neighbourhood
24.5%
Better schools
8.8%
Nicer accommodation
28.9%
Cheaper house/flat
7.0%
Smaller house/flat
18.2%
New job/more work
6.1%
Source: dataloft / Survey of English Housing. Respondents could choose more than one option, so percentages do not add up to 100 per cent
None of these
3.3%
STATS