press release

Press Release - 3/02/05

MONEYNET LAUNCHES MONTHLY MORTGAGE BORROWING BULLETIN

Online financial information service highlights key patterns in national mortgage borrowing

MONEYNET, the UK's leading online financial data comparison service, this week launches a new monthly survey showing average property values and mortgage borrowing patterns nationwide.*

As of the end of January 2005, the overall UK average property value was £202,990, according to Moneynet data (see table).

This compares to £190,231 at the same time in 2004, giving a 6.7% increase in the value of the average UK home. Back in 2003, the average property would have cost £186,235.

And it is no wonder that first time buyers (FTB) are finding that initial step on the property ladder elusive - the average value of a property for a First Time Buyer (FTB) was £187,428 at the end of last month, compared to £162,317 12 months ago and £153,843 in 2003.

Homeowners looking to re-mortgage valued their property at an average of £256,578 last month, while requiring an average mortgage amount of £166,647 - a 65% LTV.

Meanwhile, the overall average mortgage amount required was £137,041, representing a 68% loan to value (LTV).

How are we able to afford our properties? According to Moneynet, the overall average salary of the main income earner was £39,768 in January 2005, while the average FTB's salary was £36,338.

Those looking to re-mortgage had a main income of £46,091, while for two income households, the second salary averaged out at £21,533 for FTB's and £23,571 for users looking to re-mortgage.

"Our new Mortgage Borrowing Focus will deliver an at a glance state-of-the-market idea of consumer borrowing patterns in this crucial area of the economy," said Moneynet chief executive Richard 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."

* Information is based on mortgage product search criteria provided by 7100 randomly selected visitors to the moneynet site for the period 01.01.05 - 31.01.05. Moneynet is a national service and borrowing patterns reflect those on a national basis.

OVERALL

	Jan 2005	Jan 2004	Jan 2003
Average Property Value	£202,990	£190,231	£186,235
Average Mortgage Amount	£137,041	£122,667	£117,847
Average Loan to Value	68%	64%	63%

FIRST TIME BUYERS

	Jan 2005	Jan 2004	Jan 2003
Average Property Value	£187,428	£162,317	£153,843
Average Mortgage Amount	£127,920	£123,025	£114,378
Average Loan to Value	68%	76%	74%

BUY TO LET

	Jan 2005	Jan 2004	Jan 2003
Average Property Value	£162,189	£156,145	£151,111
Average Mortgage Amount	£116,262	£114,740	£106,670
Average Loan to Value	72%	73%	71%

REMORTGAGE

	Jan 2005	Jan 2004	Jan 2003
Average Property Value	£256,578	£227,737	£214,842
Average Mortgage Amount	£166,647	£110,104	£109,509
Average Loan to Value	65%	48%	51%

PRESS ENQUIRIES

Richard Brown, Chief Executive, 0208 313 9030

David Andrews/Cathy Tully, David Andrews Media Ltd 07941 255855 / 01273 774109 / 07747196854

Consumer enquiries: info@moneynet.co.uk / www.moneynet.co.uk

Moneynet.co.uk is the UK's longest established online personal finance research and data analyst company. The company offers consumers a choice of thousands of low cost financial services products. From mortgages, personal loans to motor, home and medical insurance, credit cards, savings accounts and best buy fixed rate products, Moneynet is one of the most comprehensive online services of its kind in the UK. Founded by chief executive Richard Brown, the Moneynet brand is destined to become one of the UK's major players in consumer finance products.

A DAVID ANDREWS MEDIA LTD - RELEASE FEBRUARY 2005