Higher earners enjoy modest house price gains reports Moneynet

Released on = April 12, 2005, 1:31 am

Press Release Author = Moneynet

Industry = Financial

Press Release Summary = Slight increase in March property values for higher income homeowners, reports Moneynet

Press Release Body = Higher earners enjoy modest house price gains reports Moneynet.

Slight increase in March property values for higher income homeowners, reports Moneynet.

• Overall average property value was £205,518
• The average value of a property for a First Time Buyer (FTB) was £195,282
• Users looking to re-mortgage valued their property at an average of £249,322

PROPERTY values for workers in the higher rate tax bracket crept up last month (March 2005) according to Moneynet’s latest monthly mortgage data (see table below).

The overall UK average property value of higher earners – those in the higher rate (40% plus) tax bracket – climbed to £205,518, up from February’s £204,656 according to Moneynet (www.moneynet.co.uk) research.

“The slight rise in values in March is broadly in line with price rises signalled by the latest Nationwide Building Society,” said Moneynet chief executive Richard Brown.

“Average property values for visitors to our site – in common with many of those who regularly use the internet for financial information and transactions – are higher than for those on the national average wage, but we believe the survey to be a key tool for charting house price trends for the UK’s higher earners,” added Brown.

“As well as basic tables to be found with the press release, Moneynet can also provide a detailed breakdown of the different categories of mortgage lending – eg fixed or discounted loans – favoured by consumers on a month by month basis.”

See below for full figures and tables

MONEYNET MORTGAGE DATA FOR MARCH 2005 AT A GLANCE
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AVERAGE PROPERTY VALUES
• Overall average property value was £205,518
• The average value of a property for a First Time Buyer (FTB) was £195,282
• Users looking to re-mortgage valued their property at an average of 249,322

AVERAGE MORTGAGE AMOUNTS
• Overall average mortgage amount required was £136,604, a 67% loan to value (LTV)
• FTBs were looking for an average mortgage amount of £130,518, a 67% LTV
• Those users seeking to re-mortgage their property required an average mortgage amount of £155,801, a 63% LTV

SALARIES
• The overall average salary of the main income earner was £38,818
• An average FTB's salary was £36,090
• Those users looking to re-mortgage had a main income of £44,292
• For two income households, the second salary averaged out at £23,199 for FTBs;£25,670 for users looking to re-mortgage.

Ends

*
The following information is based on mortgage product search criteria provided by 5,400 randomly selected visitors to the Moneynet site for the period 01.03.05 –
31.03.05

OVERALL

March 2005
March 2004
March 2003
Average Property Value
£205,518
£197,723
£192,445

Average Mortgage Amount
£136,604
£127,714
£121,476
Average Loan to Value
67%
65%
63%

FIRST TIME BUYERS

March 2005
March 2004
March 2003

Average Property Value
£195,282
£172,475
£161,700

Average Mortgage Amount
£130,518
£129,072
£118,301

Average Loan to Value
67%
75%
73%

BUY TO LET

March 2005
March 2004
March 2003

Average Property Value
£171,049
£159,652
£158,818
Average Mortgage Amount
£125,499
£117,072
£115,682

Average Loan to Value
73%
73%
73%
REMORTGAGE

March 2005
March 2004
March 2003

Average Property Value
£249,322
£226,504
£223,956

Average Mortgage Amount
£155,801
£110,625
£109,755

Average Loan to Value
63%
49%
49%

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Notes for editors:

About moneynet
Moneynet was the first UK web site to publish a comprehensive, independent and impartial overview of the products available in the personal finance sector. The company is headed up by Robert Brown, Richard Brown and Keith Goldson. Portfolio includes details of mortgage products from over 100 lenders, investment products from over 100 banks and building societies plus details of many more credit card and personal loan providers.

Further information:
E-mail: INFO@MONEYNET.CO.UK,
Telephone: 020 8313 9030
Fax: 020 8464 1971
Website: http://www.moneynet.co.uk
ADDRESS: Moneynet
Sussex House
8-10 Homesdale Road
Bromley
Kent
BR2 9LZ

Web Site = http://www.moneynet.co.uk

Contact Details = Moneynet
Sussex House
8-10 Homesdale Road
Bromley
Kent
BR2 9LZ
E-mail: INFO@MONEYNET.CO.UK
Telephone: 020 8313 9030
Fax: 020 8464 1971