Welcome to an upbeat February edition of Spread the Word. Keep reading to discover why Boxing Day was the busiest day in 2024 for seller activity and how mortgage rules could get easier in 2025.
Team News
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MORTGAGE NEWS
Busiest ever Boxing Day for new seller activity in 2024: Rightmove
There were record levels of Boxing Day activity in 2024, as home-hunters got ahead of a 2025 move, Rightmove reveals. Rightmove data shows that it was the busiest ever Boxing Day for new seller activity, with a record number of new properties listed for sale by agents.
The number of new properties coming to the market for sale was 26% higher than Boxing Day 2023, when the previous record was set. The majority (46%) of homes listed by new sellers were mid-market, second stepper homes – consisting of three and four bed properties. Over a third (35%) of homes listed for sale were smaller, typical first-time buyer type properties, and 18% were the largest homes at the top of the ladder.
The South East saw the most new properties coming to market, followed by the East of England and the South West. Rightmove also recorded its busiest-ever Boxing Day for visits to its platform, beating the previous record set in 2021.
SOURCE: MORTGAGE STRATEGY
Mortgage & Separation Advice
January is often called 'divorce month'. The idea is that spouses clash over Christmas and subsequently file for divorce in the New Year. However, this is rarely the case. Granted, some people consider ending their relationship over the holidays and see the New Year as an opportunity for a fresh start. Still, ending a marriage is rarely a 'snap' decision.
While people may decide they want to divorce in January, the time taken to decide on a course of action, speak to relevant professionals, and file the necessary paperwork means that March is the real 'divorce month’.
The process of separation or divorce is rarely simple
Couples must consider all the available options before deciding to end a marriage or civil partnership. Seeking the right financial advice is crucial, particularly when mortgages are involved.
Our Top Advice
⚠️ Contact your mortgage broker and lender as soon as possible to update them on your circumstances
⚠️ Keep up your payments. Both parties are legally liable for repayments
How Stratton Thorpe can help you
If you are considering ending your relationship, marriage, or civil partnership, our specialist mortgage advisers provide confidential expert advice and support. We ensure you explore all available options to make informed decisions.
Divorce or separation can be a traumatic experience. As mortgage brokers, we minimise much of the stress and administration of arranging a mortgage. We can access broker-exclusive rates you might not get by going directly to the lender.
Whilst this might be a new experience for you both, Stratton Thorpe has years of dealing with divorce and separation mortgage clients. We're here to help.
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Mortgage rules could get much easier
Good news for first home buyers and the upwardly mobile as strict lending rules could be about to be relaxed.
In a letter to Prime Minister Sir Keir Starmer, Chancellor Rachel Reeves, and Business Secretary Jonathan Reynolds, FCA chief executive Nikhil Rathi highlighted the potential for “deep reforms” to support growth through 2030. The proposals include simplifying responsible lending rules and revisiting affordability stress tests for mortgages. These rules, implemented to curb risky lending practices, require banks to test whether borrowers can handle higher interest rates and limit loans as a multiple of income or property value.
The mortgage industry has been quick to praise the moves, with Charles Roe, director of mortgages at UK Finance, welcoming the potential reforms, stating, "Reviewing the mortgage lending rules would help with affordability issues, not just for first-time buyers but also those looking to move further up the housing ladder."
SOURCE: MORTGAGE INTRODUCER
