Mortgage News

"Significant growth" in high-end mortgage market - 11/01/2008

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Although the current credit crunch has caused the general mortgage market to tighten over the past months, the high-end mortgage market is experiencing "significant growth", Investec has claimed.

According to Andrew Arlott, a spokesman for the international specialist banking group, levels of demand have increased for mortgages over a million pounds in the past couple of years and the market appears to be remaining "fairly stable".

He added that high-end mortgages are widely considered to be the "most resilient end" of the mortgage market and have not been adversely affected by the credit crunch, although the general market feeling is "tighter in general".

Mr Arlott also stated that banks are "definitely" offering more high-end mortgage products now than they have done in the past.

Halifax Estate Agents published a study in September which revealed that the number of house sales totalling more than a million pounds has nearly tripled within the past five years.

In the year leading up to June 2007, it is thought that 6,170 homes valued at more than one million pounds were sold in the UK.

© Adfero

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