Bank of England Money and Credit statistics from e.surv

Richard Sexton, director of e.surv chartered surveyors, who commented: “A sense of calm is beginning to pervade the market, as the zest in the mortgage market begins to cool down. The Mortgage Market Review (MMR) has temporarily put the buffers on lending, as banks adjust to lengthier advisory processes and stricter stress-testing rules.

Richard Sexton, Director of e.surv Chartered Surveyors
Richard Sexton, Director of e.surv Chartered Surveyors

“Monthly house purchase approvals have fallen a fifth since the beginning of the year. MMR is forcing forward thinking among borrowers and banks alike, testing finances against the effects of a base rate rise. A sense of reality is starting to set into the market, as the first signs of cooling property prices are beginning to emerge.

“The new rules restricting the proportion of high Loan-to-Value (LTV) loans will prevent the number of ‘highly geared’ households becoming unsustainable. But it is fundamental that caps on small deposit lending are accompanied by greater housebuilding, or first-time buyers may start to run out of options. The Bank of Mum and Dad is drying up. Wages are only slowly recovering. And savings rates are still rock bottom.

“High LTV loans are a way of keeping the property market accessible to borrowers striving to save for a deposit, who haven’t benefited from capital gains. Capping high LTV lending may leave many borrowers with few options to get onto the ladder. More must be done to stimulate wage rises and upscale property development to give first-time buyers finances a chance to catch up with property prices – without solely resulting to high LTV lending.”

The full report is available at:

About e.surv

e.surv is a firm of chartered surveyors, directly employing over 380 chartered surveyors, a similar number of consultants, and over 50 graduate surveyors in training. The business is the largest distributor and manager of valuation instructions in the UK and is appointed as panel manager for more than 25 mortgage lenders and other entities with interests in residential property. The business also provides a number of private survey products direct to the home-buying public. e.surv is owned by LSL Property Services plc.  For further information, see

Two Thirds of Holiday Home Owners Have Back-to-Back Bookings this Summer Say Schofields Holiday Home Insurance

A new study has revealed that two thirds of holiday home owners (65%) have been swamped with ‘back-to-back’ bookings this summer, as holidaymakers seek out private homes as their preferred vacation accommodation. In order to cope with this upsurge in demand, many holiday home owners are having to turn away guests and some have increased prices by an average of £76 per week compared to the fees charged during summer last year.

A Spanish property, ideal for short lets
A Spanish property that’s ideal for short lets

The survey, conducted by holiday home insurance provider, was part of the company’s research into the popularity of holiday homes as an accommodation choice. 1,023 British holiday home owners completed the survey, all of whom had rented out their European holiday home to tourists for three years or longer.

The study first asked respondents if they had noticed an increase in this summer’s bookings, compared to those last summer, to which more than four fifths (82%) confirmed that they had seen an upturn in business. When asked how many bookings they currently had for the summer period, the majority of holiday homeowners (65%) stated that they had ‘back-to-back’ bookings already, while 12% said that they were ‘almost full, with very limited availability left’.

All respondents were then asked ‘Have you struggled to keep up with customer demand this summer?’ A third of respondents (34%) agreed that it had been a challenge to keep up with the demand for their holiday home.

In order to find out how holiday homeowners have handled the increase, the survey then sought to find out more about the lengths the owners have gone to in order to control or manage the popularity of their properties. Fifty seven per cent of the owners who stated that they had ‘back-to-back’ bookings this summer stated that they had increased their property fees, while 71% stated they had to turn potential guests away and 46% said they had been taking bookings for 2015 as a guarantee that there will at least be availability for disappointed holidaymakers next year.

Respondents who had indicated that they increased their fees were asked to give details of how much their property charges had increased by, based on one week’s hire. The team collaborated all answers and found an average increase of £76 per property per week, compared to the same time last year.

Phil Schofield of Schofields Holiday Home Insurance said: “Although we may complain that we don’t get a moment’s rest, an upturn in business is a very positive sign. The fact that many holiday homeowners have seen such a substantial rise in demand that they have been turning business away is something to celebrate. And, of course, the ability to charge higher fees in order to control the bookings is a further sign that holiday homes are a brilliant investment.”

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