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London Property Market 30 November 2016

Chestertons Residential Observer - November 2016

26% of parents with school age children have either bought or rented a new property in order to secure an address within their desired school catchment area, according to research from Santander Mortgages. The study also found that families are prepared to spend an 11% premium - which equates to an average £23,707 in the current property market - in order to move to their desired catchment area. On a regional basis, those living in London are willing to pay the highest premium (15%) – equating to £71,539.

Broadband has become a deal breaker when it comes to property, with 20% saying they wouldn't buy a house if it had a poor internet connection. Surprisingly, it seems that the over 65s value the internet the most, with 81% calling it an essential utility, compared to 76% of all British adults.

Mortgage lenders in the UK face challenges from the country's aging population as demand for mortgages past retirement age is set to rise. The Council of Mortgage Lenders' (CML) annual conference in London heard that while carrying debt into retirement is a relatively recent phenomenon, more than a third of all loans currently advanced will extend beyond the borrower's 65th birthday and the proportion is rising.

The total value of equity release lending in the UK reached a new record in the third quarter of 2016 of £571.6 million, up 26% year on year. The latest figures from the Equity Release Council suggest that more and more home owners now see releasing funds from their property as an important part of their financial planning later in life.