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Largemortgageloans.com has researched and analysed residential property sales
of at least £1 million at regional and local authority level in Great Britain, using
Land Registry data for England and Wales and Registers of Scotland data for 2007,
2008 and 2009.

Million Pound Property report 2010

An increasing number of borrowers now have their mortgages on their lender’s standard variable rate, but is this the best option for them?

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Largemortgageloans.com has researched and analysed residential property sales of at least £1 million at regional and local authority level in Great Britain, using Land Registry data for 2008, 2007 and 1998, and Registers of Scotland data for 2008 and 2007. (Data for Scotland is unavailable before 2004)

Click here for full report

In our opinion, we are firmly in a buyer’s market and anyone looking to purchase now should look to drive a hard bargain. Average house prices could have further to fall so the time is ripe for purchasers to negotiate robustly on property prices.

Buyers should take a long-term view, whether they’re nesting or investing. Given the current economic backdrop, it is impossible to predict the timing of a sustained national recovery in activity and prices, but it could take a number of years for consumer confidence to improve on the back of a strengthening outlook for the economy and a resumption in the flow of credit.

Interest rates are highly likely to rise in the future – the only question is when and how quickly. As a result, fixed and capped mortgages offer a sensible and very well-priced option for buyers with sizeable deposits.

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Bank Base Rate (BBR) is now at an all time historic low, following the Bank of England’s latest rate cut to 0.5%. Borrowers have been waiting for rates to fall before locking into a new deal, so is now the right time?

Mortgage rates cannot fall much further (they may even start to rise again if worries about inflation lead to an increase in BBR) and so this does seem to be the right moment for all borrowers to take action. But just how easy is it to find the best deal for those borrowers who need a large mortgage loan, particularly if they are reliant on bonuses, are self-employed or have complex financial affairs?

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