Request a Valuation

  • To find out how much your property might be worth with a free valuation from the experts at Fenn Wright, contact us and we'll talk you through the process.

Fenn Wright
Menu Request a valuation
  • Residential
    • Estate Agents
      • New Build Homes
      • The Signature Service
      • Equestrian Property Experts
    • Search Homes For Sale
    • New homes
    • RICS Residential Valuations
    • Letting Agents
      • Guidance for Tenants COVID-19
      • Search Homes To Let
      • Landlord services
      • Lettings fees
      • Regulated & protected
    • Lettings Maintenance
      • Emergency heating
      • Emergency electricity
      • Emergency plumbing
      • Emergency locksmith
  • Commercial Property
    • Commercial Property Sales & Acquisitions
    • Commercial Lettings
    • Property Search
    • Building Surveyors
    • Landlord & Tenant
    • Property Valuation
    • Property Management
    • Insolvency Services
    • Recent Deals
  • Development
    • Site appraisals
    • Planning
  • Farms & Estates
    • Land, Farms & Estates Agency
    • Formal Valuations
    • Rural Planning & Development
    • Land & Property Management
    • Water & Leisure
      • Planning Advice
  • About Us
    • Branch locations
    • Find a Surveyor
    • Our people
    • Careers
    • Reviews
    • News
    • FAQs
  • Home
  • News Articles
  • Off the boil but simmering nicely?

Off the boil but simmering nicely?

28 Jul 14

The British Bankers’ Association (BBA) – a trade association for the UK banking and financial services sector – recently reported that mortgage approvals were down for the fourth month in a row in May, and that Land Registry figures showed just a small monthly increase in prices of less than half a percent. 

In Essex and Suffolk we have certainly seen the feverish activity of springtime come off the boil a little, which is good news for the longer-term health of the market. It is still a very busy time however with plenty of activity to report.

One of the biggest issue home movers are facing now, is the length of time it is taking to get house sales ‘over the line’ to exchange of contracts. 

It seems lenders are taking longer to process mortgage applications because the process has become more complex since the Mortgage Market Review.  

New borrowers are now being affected by two new rules introduced by The Bank of England last month. They have to meet more affordability criteria as lenders assess whether they could still afford their mortgage repayments if the interest rate were to increase by 3% from the time of the loan. In addition, limits have been placed on lenders. They can only make loans greater than 4.5 times a borrower’s income available to 15% of their new mortgage customers. 

Our friends in the legal profession report that they have a huge caseload of transactions to handle at present. And our Survey team can sympathise with this as they are working flat-out to complete mortgage valuation work. 

As the changes to mortgage lending take effect, the system is peddling hard to keep delays to a minimum but as our sales progression teams know, it takes a lot of hard work and know-how to guide transactions through to completion.

The strong economy and stable inflation and interest rates are continuing to provide the basis for further strength in the housing market, with shortage of stock continuing to be a problem in many areas.

Seasonally, we expect a quieter market during July and August but we know many people are planning a move later in the year. This traditionally means new properties coming to the market in September and October and we have every reason to believe that this autumn will be very busy. 

If you’re thinking of moving in the autumn, don’t hesitate to get in touch with your local Fenn Wright team for a free valuation, sooner rather than later.
 

Back

Click on your nearest branch for contact details

Branches in
Branches in: Branches in:
  • Woodbridge
  • Kesgrave
  • Felixstowe
  • Ipswich
  • Manningtree
  • Sudbury
  • Colchester
  • Stanway
  • Witham
  • Chelmsford

Woodbridge

Nunn's Mill, Quayside, Woodbridge, IP12 1BN Email: woodbridge@fennwright.co.uk

Opening hours

Monday - Friday 08:30 - 18:00
Saturday 09:00 - 17:00
Sunday Closed

Our agents

Woodbridge estate agents 01394 333346
Woodbridge letting agents 01394 382263
Suffolk Farms & Estates specialists 01394 446550
Signature property specialists 01394 330990
Commercial property agents 01473 232701

Call now

01394 333346

Kesgrave

127 Main Road, Kesgrave, IP5 1AB Email: kesgrave@fennwright.co.uk

Opening hours

Monday to Friday 08:30 - 18:00
Saturday 09:00 - 17:00
Sunday Closed

Our agents

Kesgrave estate agents 01473 358400
Signature property specialists 01473 358400
Suffolk commercial property agents 01473 232701
Kesgrave letting agents 01473 417711

Call now

01473 358400

Felixstowe

120 Hamilton Road, Felixstowe, IP11 7AB Email: felixstowe@fennwright.co.uk

Opening hours

Monday - Friday 08:30 - 18:00
Saturday 09:00 - 17:00
Sunday Closed

Our agents

Felixstowe estate agents 01394 548700
Felixstowe letting agents 01394 382263
Commercial property agents 01473 232701
Signature property specialists 01394 548700
Suffolk Farms & Estates specialists 01394 446550

Call now

01394 548700

Ipswich

1 Buttermarket, Ipswich, IP1 1BA Email: ipswich@fennwright.co.uk

Opening hours

Monday to Friday 08:30 - 18:00
Saturday 09:00 - 17:00
Sunday Closed

Our agents

Ipswich estate agents 01473 232700
Signature property specialists 01473 232700
Ipswich letting agents 01473 417711
Commercial property agents 01473 232701
Suffolk Farms & Estates specialists 01394 446550
RICS Surveys 01473 417718

Call now

01473 232700

Manningtree

2 Station Road, Manningtree, CO11 1AA Email: manningtree@fennwright.co.uk

Opening hours

Monday to Friday 08:30 - 18:00
Saturday 09:00 - 17:00
Sunday Closed

Our agents

Manningtree estate agents 01206 397222
Manningtree letting agents 01206 585400
Signature property specialists 01206 397222
Essex commercial property agents 01206 216565

Call now

01206 397222

Sudbury

26 Market Hill, Sudbury, CO10 2EN Email: sudbury@fennwright.co.uk

Opening hours

Monday to Friday 08:30 - 18:00
Saturday 09:00 - 17:00
Sunday Closed

Our agents

Sudbury estate agents 01787 327000
Sudbury letting agents 01787 327010
Commercial property agents 01206 216565
Farms & Estates 01206 216550
Signature property specialists 01787 327000

Call now

01787 327000

Colchester

146 High Street, Colchester, CO1 1PW Email: colchester@fennwright.co.uk

Opening hours

Monday to Friday 08:30 - 18:00
Saturday 09:00 - 17:00
Sunday Closed

Our agents

Colchester estate agents 01206 763388
Signature property specialists 01206 507607
Colchester letting agents 01206 764499
Essex commercial property agents 01206 216565
Essex new homes agents 01206 763388

Call now

01206 763388

Stanway - Head Office

Head Office, 1 Tollgate East, Stanway, Colchester, CO3 8RQ Email: stanway@fennwright.co.uk

Opening hours

Monday to Friday 08:30 - 18:00
Saturday 09:00 - 17:00
Sunday Closed

Our agents

Commercial property agents 01206 216565
Stanway estate agents 01206 216543
Stanway letting agents 01206 764499
Lettings maintenance team 01206 245888
Farms & Estates 01206 216550
Water & Leisure 01206 216555
RICS Surveyors 01206 245895
Finance department 01206 245894

Call now

01206 216543

Witham

64 Newland Street, Witham, CM8 1AH Email: witham@fennwright.co.uk

Opening hours

Monday to Friday 08:30 - 18:00
Saturday 09:00 - 17:00
Sunday Closed

Our agents

Witham estate agents 01376 516464
Witham letting agents 01245 491111
Commercial property agents 01376 530135
Building Consultancy in Essex 01245 211990

Call now

01376 516464

Chelmsford

20 Duke Street, Chelmsford, CM1 1HL Email: chelmsford@fennwright.co.uk

Opening hours

Monday to Friday 08:30 - 18:00
Saturday 09:00 - 17:00
Sunday Closed

Our agents

Chelmsford estate agents 01245 292100
Commercial property agents 01245 261226
Building Surveyors in Essex 01245 211990
Chelmsford letting agents 01245 491111

Call now

01245 292100

Quick links

  • Commercial Property
  • Sell my home
  • Early Bird Alert
  • Reviews
  • Our people
  • Terms
  • Disclaimer
  • Privacy Notice
  • Accessibility
  • Cookie Policy
  • Sitemap

© Copyright Fenn Wright 2022 – All rights reserved