{"componentChunkName":"component---src-templates-post-js","path":"/homebuyer-roundup-2/","result":{"data":{"ghostPost":{"id":"Ghost__Post__60d609046e4273003be1dda3","title":"The Homebuyer Roundup #2","slug":"homebuyer-roundup-2","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/06/homebuyer-roundup-2.png","excerpt":"Get the adviser view on the week’s homebuying headlines.","custom_excerpt":"Get the adviser view on the week’s homebuying headlines.","created_at_pretty":"25 June, 2021","published_at_pretty":"27 June, 2021","updated_at_pretty":"28 June, 2021","created_at":"2021-06-25T16:49:08.000+00:00","published_at":"2021-06-27T10:00:00.000+00:00","updated_at":"2021-06-28T09:34:32.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"tips-from-team","slug":"tips-from-team","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get the adviser view on the week’s homebuying headlines.\n\nThis week in homebuying\nMore buyers are paying the asking price (or more) for their home than ever\nbefore. 37% of homes that changed hands in January went for at or above asking\nprice - that figure is usually around 25%. We reckon things are likely to calm\ndown again soon when stamp duty holiday fever wears off.\n\nMortgage rates are still low, and likely to stay that way, which is good news\nfor anyone looking to take out a mortgage in the near future. The Bank of\nEngland voted yesterday to keep the base rate at its record low of 0.1%.\n\nBut brokers are warning buyers to watch out for so-called “honeytrap” mortgages,\nwhich tempt you in with a low headline rate and then sting you with high fees.\nCheck out your plan to see an example deal you’d be eligible for, including the\nmonthly repayments and any fees attached.\n\nTrending in the app\nWhen you set your target in the Multiply app, you can tell us where you’re\nlooking to buy and we’ll show you homes in your budget in that area. \n\nSome places are more popular than others. Check out the top 10 places\nMultipliers want to get away from, and where they want to move to:\n\nThe homebuying headlines\nRecord asking prices\nProperty asking prices have risen again\n[https://www.theguardian.com/business/2021/jun/21/house-asking-prices-hit-record-levels-across-great-britain-covid-boom] \nfor the third month in a row according to Rightmove. The property site says the\naverage asking price has hit a new record of £336,073 after rising 0.8% in June.\nSome property experts reckon the boom might be starting to slow down though, as\nthe stamp duty holiday comes to an end.\n\nHoneytrap mortgages\nBrokers are warning home buyers to watch out for “honeytrap” mortgages\n[https://www.telegraph.co.uk/personal-banking/mortgages/borrowers-warned-honeytrap-mortgages-higher-fees-outweigh-low/]\n* that seem like good deals but come with high fees. In a race to offer the most\nattractive deals, lenders advertise a competitive headline interest rate - but\nthe extra product fees can outweigh any savings. The average fee on a fixed-rate\nmortgage is now £1,075, up £57 from last year.\n\nAchieving asking price\n37% of homes that changed hands in January 2021 were sold at or above their\nasking price\n[https://www.cityam.com/record-number-of-homes-selling-for-the-asking-price-or-above/]\n, according to Rightmove. That’s a record high - usually only around 1 in 4\nsellers achieve their asking price. Even homes that sold for below asking price\nin January achieved 98% of the amount the seller was hoping for, on average.","html":"

Get the adviser view on the week’s homebuying headlines.

This week in homebuying

More buyers are paying the asking price (or more) for their home than ever before. 37% of homes that changed hands in January went for at or above asking price - that figure is usually around 25%. We reckon things are likely to calm down again soon when stamp duty holiday fever wears off.

Mortgage rates are still low, and likely to stay that way, which is good news for anyone looking to take out a mortgage in the near future. The Bank of England voted yesterday to keep the base rate at its record low of 0.1%.

But brokers are warning buyers to watch out for so-called “honeytrap” mortgages, which tempt you in with a low headline rate and then sting you with high fees. Check out your plan to see an example deal you’d be eligible for, including the monthly repayments and any fees attached.

Trending in the app

When you set your target in the Multiply app, you can tell us where you’re looking to buy and we’ll show you homes in your budget in that area.

Some places are more popular than others. Check out the top 10 places Multipliers want to get away from, and where they want to move to:

The homebuying headlines

Record asking prices

Property asking prices have risen again for the third month in a row according to Rightmove. The property site says the average asking price has hit a new record of £336,073 after rising 0.8% in June. Some property experts reckon the boom might be starting to slow down though, as the stamp duty holiday comes to an end.

Honeytrap mortgages

Brokers are warning home buyers to watch out for “honeytrap” mortgages* that seem like good deals but come with high fees. In a race to offer the most attractive deals, lenders advertise a competitive headline interest rate - but the extra product fees can outweigh any savings. The average fee on a fixed-rate mortgage is now £1,075, up £57 from last year.

Achieving asking price

37% of homes that changed hands in January 2021 were sold at or above their asking price, according to Rightmove. That’s a record high - usually only around 1 in 4 sellers achieve their asking price. Even homes that sold for below asking price in January achieved 98% of the amount the seller was hoping for, on average.

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