A quarter of purchases in 2012 were above £250,000

houseline171Research by Halifax Intermediaries Premier Mortgages team reveals that properties purchased above £250,000 made up 27% of total transactions in 2012.

Whilst the number of all home loans grew by 6%, mortgage applications for properties sold above £250,000 rose by 9% in 2012 compared to the previous year and up 28% since 2009 as lenders are offering increasingly competitive terms on deposits and interest rates.

Ian Wilson, head of sales at Halifax Intermediaries said:  “It is no surprise that a large proportion of purchases above £250,000 are in Greater London and the South East. Traditionally we generally see a spike in clients reviewing their finances in the first quarter of the year, with this year being no exception.

“High value mortgages can be quite complex, with borrowers having multi-faceted  income streams, with bonuses, business profits and investment income often forming part of the overall income picture.  Due to the nature of these types of cases, lenders need to be flexible and understanding of the requirements of brokers and their clients and provide a knowledgeable specialist team to support them.”

Regional view

Over 145,000 properties above £250,000 were sold in 2012, with almost two-thirds (59%) being in Greater London – the highest, followed by the South East (39%), with the least being made in the North (9%) of the UK.[2]

 

2007

2008

2009

2010

2011

2012

 

£ Housing Purchases over £250K as % of Total Purchases

£ Housing Purchases over £250K as % of Total Purchases

£ Housing Purchases over £250K as % of Total Purchases

£ Housing Purchases over £250K as % of Total Purchases

£ Housing Purchases over £250K as % of Total Purchases

£ Housing Purchases over £250K as % of Total Purchases

North

10%

10%

8%

11%

9%

9%

Yorkshire and Humberside

12%

12%

11%

14%

12%

12%

North West

12%

12%

11%

14%

13%

13%

East Midlands

13%

13%

12%

14%

14%

13%

West Midlands

14%

14%

14%

17%

16%

15%

East Anglia

19%

19%

16%

23%

20%

20%

South West

25%

24%

21%

25%

24%

24%

South East

35%

35%

32%

40%

39%

40%

Greater London

52%

52%

48%

57%

59%

60%

Wales

12%

13%

12%

13%

11%

11%

Scotland

13%

14%

13%

16%

16%

16%

Northern Ireland

26%

23%

9%

8%

5%

5%

UK

24%

23%

22%

27%

26%

27%

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