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Together in the news May.

Your need-to-know news and numbers: May 2024.

01 May 2024 | 4 min

May has arrived, and with it comes a blank page for a new round of property finance news.

Make sure you’re refreshed and armed with the stories from April that you might’ve missed as we recall the key facts and figures for the month.

5

Homes Under the Hammer’s Lucy Alexander spoke to The Mirror and shared five of her secret home buying tips. The article covers topics from cost calculations to research, and focuses on some of the expertise Lucy has gained from her years helping buyers buy and flip their dream properties.

50

That’s how long Together has been in business – and a new fact file in Mortgage Introducer runs through the size, scale and successes of the last 50 years. The in-depth business review tells the tale of the journey that the company, and customers, have been through – take a look and a read here.

£100,000

That’s how much Derry Green, a dad of two from Skelmersdale, secured when he appeared on BBC’s Dragon’s Den. Featured in this new article, Derry explains how his lockdown glamping project has grown into a £4m enterprise. Now, with the boost from the Dragons and a bridging loan from Together, Derry has been able to secure a second site with a view to double the size of the business.

  • Find out more about how Bridging Finance can help kick start a property dream.

17%

Estate agent Foxtons revealed that improved market conditions helped drive housing sales revenue by 17% in the first quarter of the year, with the value of homes under offer the best since Brexit.

1,600,000

That’s the number of households that are due to see their fixed rates come to an end in 2024. This means that many loans issued during the period of ultra-low interest rates are now coming to the end of their terms.

According to a new article in the Financial Times, more than 90% of UK borrowers take out a fixed-rate mortgages for five years or less. In the article, Together's Chief Commercial Officer, Ryan Etchells discusses the different house buying trends in the UK and Europe, “The traditional UK trend in home buying is that customers move up the ladder over the course of their lives. The European trend is that people live in their homes for longer.”

Read the full thing here.

6

…months. That’s the time period in which The Guardian reports a mortgage lender received double the number of enquiries about downsizing. As buyers look to keep mortgage costs down, brokers report a growing number of people considering moving into smaller homes, and first-time buyers opting for smaller properties.

830,000

… ‘unwanted’ home moves took place over the last 12 months, as fixed tenancies came to an end, tenants faced rental increases, were served eviction notices or were informally asked to leave. That figure means that 40% of renters who moved house were compelled to do so, according to new research.

The report estimates that renters collectively spend £550m a year on moving. Often, home moves mean tenants are left to pay rent and bills on two properties simultaneously, along with costs for removal vans, stopgap storage and new furniture.

25

That’s how many years of experience Maeve Ward has under her belt, as she joins Together as our new Intermediary Project Manager. Having nearly three decades of expertise puts Maeve in prime position to work with broker partners across the UK.

“I’ve known Together for a long, long time and our paths have crossed many times while I’ve worked for competitors,” Maeve told us. “There was a part of me that hoped I would end up working here, it was just a case of when was the right time. I’ve been impressed with all aspects of Together – the heritage, the product suite, and the huge potential and desire for further growth with its intermediary partners. I’m excited that I’ll be part of pushing the brand forward at a time when there is an appetite to support mortgage and second charge projects.”

253

… estate agents were surveyed by Churchill Home Insurance, and the results were interesting. The state of a neighbouring home can decrease the value of a property by 11% - which isn’t great for sellers.

This finding aligns to Together research, which found 41% of people believe derelict buildings are a source of rising crime and 29% of people believe they add to an overall lack of community spirit. As councils are strapped for cash, and urged to sell off property to avoid taxpayer bailouts, the Hidden Gems campaign revealed that there are 1.55 million empty homes in England and Wales – that’s property valued at a massive £500 billion.

£363,000,000

According to Metro, the world’s most expensive house has gone on sale – and the price tag is a bargain, at £363 million. Pocket change.

Similarly, if you have £200,000 lying around and are looking for a London investment op; there are new listings for South Kensington rooftops with 'potential for development'.

 

Follow us on social to be the first to hear about next month’s news and numbers round up – we’re over on LinkedIn, Instagram and X.

 

Any property used as security, including your home, may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

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All content factually correct at the time of publishing.

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