Sales of property with values over GBP1 million went up by 36 percent in 2007 compared with the previous year according to Halifax data.
There were over 8,250 sales of million pound plus properties, with over three quarters of them being in the south east of England and London. The largest increase in sales of million pound properties was in Scotland, where the measured increase by the Halifax was 138 percent. This was followed closely by the north east of England, with a 136 percent increase.
The south east has always had strong property values, said a Halifax representative, so it is not surprising to see it heading the number of sales list. It is also notable that rising property prices nationwide have driven up these type of sales further afield.
For the third month in a row the Abbey National Mortgage Index has shown a rise in the appeal of five year fixed rate mortgages to consumers.
From the survey carried out by the Abbey National there has been a 6 percent increase in those ready to go for a five year fixed rate mortgage if they were remortgaging tomorrow. The figure stands at 30 percent this month, compared with 24 percent and 12 percent in the two months previously.
A lot of the interest in these mortgages will be coming from those with existing fixed rate deals that are set to expire say the Abbey National. Having already enjoyed the security of a fixed rate mortgage these customers will take another one given the opportunity.
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Good news for those looking to buy property comes in the shape of some Nationwide Building Society mortgage rates being reduced.
Home loan borrowers will enjoy reduced rates on both tracker mortgages and those on the variable base rate, helping get a foot on the housing ladder. A Nationwide Building Society spokesman explained that this is a passing on of the full base rate cut provided by the Bank of England. As a society they always aim to do the best for their members.
The reduced rates are not being carried through to Nationwide Building Society fixed rate mortgages though, since they are operating in slightly different conditions. For these types of mortgage the rate is actually going up, though the benefit of having the rate fixed for a period of time is certainly worth paying a little extra for.
