Buying a home is one of the biggest financial decisions most people make in their lifetime. It’s essential to have a clear understanding of the mortgage market and the latest trends to make informed decisions. The Council of Mortgage Lenders is the trade association for the UK mortgage lending industry, and their figures provide an insight into the state of the market in different regions.
Introduction
The Council of Mortgage Lenders’ figures are a valuable resource for anyone interested in the UK property market. These figures cover the whole of the UK and provide a comprehensive overview of the mortgage market. In this article, we’ll be looking at the latest figures for town and country areas.
Town vs. Country
One of the most interesting aspects of the Council of Mortgage Lenders’ figures is the difference between town and country areas. According to the latest figures, the average mortgage in a town area is £171,000, while in the country, it’s £131,000. This difference in price reflects the higher cost of living in towns and cities, as well as the higher demand for housing in these areas.
First-Time Buyers
First-time buyers are an essential part of the mortgage market, and the Council of Mortgage Lenders’ figures show that they are more likely to buy in town areas than in the country. In fact, 60% of first-time buyers purchase a property in a town or city, while only 40% opt for the country. This trend is largely due to the higher availability of affordable housing in towns and cities.
Remortgaging
Remortgaging is a popular option for homeowners looking to switch to a better deal or release equity from their property. The Council of Mortgage Lenders’ figures show that remortgaging is more common in town areas than in the country. In fact, 65% of remortgages are in town areas, while only 35% are in the country. This trend reflects the higher number of properties in towns and cities, as well as the higher demand for mortgages in these areas.
Fixed-Rate Mortgages
Fixed-rate mortgages are a popular choice for many homeowners, as they provide security and stability over a set period. The Council of Mortgage Lenders’ figures show that fixed-rate mortgages are more common in town areas than in the country. In fact, 70% of mortgages in towns and cities are fixed-rate, while only 30% are variable rate. This trend reflects the higher demand for stable and predictable mortgage payments in urban areas.
Conclusion
The Council of Mortgage Lenders’ figures provide a fascinating insight into the UK property market. The differences between town and country areas are significant, with higher prices and demand in urban areas. First-time buyers, remortgaging, and fixed-rate mortgages are all more common in towns and cities, reflecting the unique challenges and opportunities of living in these areas. By keeping up-to-date with the latest figures and trends, you can make informed decisions about your mortgage and your future in the property market.