Recent research suggesting that the high-end property market is stagnating due to stringent lending on the part of mortgage providers has been dismissed by one specialist.
Jeremy Way, director at estate agents Hirch Way & Ambler, said that expensive residences were increasingly popular and demand was rising.
“High-end properties are showing distinct signs of improvement even to the point where we have four applicants all wanting to purchase a property listed at £3.45 million,” he remarked.
Mr Way stated that as long as the loan to deposit ratio was reasonable, lenders were “keen for the business”.
According to a HFM Columbus press release, lenders are crippling homeowners with large arrangement fees for those unable to provide large deposits on houses.
People that could give a 40 per cent deposit would be charged a rate of 0.6 per cent. However, this would jump up to 6.19 per cent if the individual was only able to provide 25 per cent.
By Francis Finch