NEWSbeat
AUCTIONS
80% sold at Glaziers Hall
Network Auctions’ May auction held at their new Central London auction
room at the Glaziers Hall on the River Thames proved to be a major success, just two days after Network Auctions were Highly Commended as runners up in the PROPERTYdrum B2B Association, Marketing & Affinity Organisation Award. 25 lots were offered and
sales were achieved on 20, making an 80 per cent success rate with £4,885,000 of sales. Network Auctions Director Toby Limbrick (above) said, “The sale showed the power and value of our network with two of our partner agents working closely alongside each other and ourselves.”
MORTGAGES Lowest ever number of loans for First Time Buyers
Mortgage approvals for first time buyers fell to their lowest level for 9 months in
April as banks scaled back lending to borrowers with small deposits, says
e.surv chartered surveyors. Loans on typical first time buyer property (up to £125,000) fell to 11,307 in April, five per cent lower than in March, and 1.2 per cent down on April last year. Banks blamed increasing mortgage funding costs and the eurozone crisis.
E.surv says it is the third successive month in which first time buyer loans have fallen, confirming the Bank of England’s view that lenders are pulling back from lending to borrowers with small deposits over the summer. First time buyers were the hardest hit as banks reduced the availability of high loan-to-value mortgages in April in response to
15% 10% 5% 0% -5% -10% -15% -20%
Mortgage approvals (for home purchases) monthly change.
increasing funding costs and tightening credit conditions. There were fewer loans to borrowers with small deposits, as the number granted to borrowers with a deposit of 15 per cent or under fell to 5,309, well below the three- month average of 6,229. The tighter lending conditions were evident as the average deposit on
a house purchase loan rose above 40 per cent for the first time since February 2011. April was the fourth consecutive month in which the average loan-to-value fell. Richard Sexton (pictured), a director of
e.surv, said, “The market has shown real fighting spirit and stood up well to the economic malaise.”
PROPERTYdrum JUNE 2012 11
Apr 09 Jul 09 Oct 09 Jan 10 Apr 10 Jul 10 Oct 10 Jan 11 Apr 11 Jul 11 Oct 11 Jan 12 Apr 12
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