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Here is another interesting Wellington real estate related news article that we thought may provide you with helpful information.
It is investors, not first home buyers, who are bearing the brunt of the LVRs and retreating from the borrowing arena, new Reserve Bank data shows.
by Miriam Bell
The slower housing market has recently prompted a slew of calls for the Reserve Bank’s LVRs to be reviewed on the grounds that they are hurting first home buyers.
However, the Reserve Bank residential mortgage lending data for July is now out and it highlights the fact that it is lending to investors which is on a steep decline, not lending to first home buyers.
July saw total new lending of $4.802 billion, which was down on June’s total of $5.097 billion and is a reflection of the cooler market.
When compared to the same time last year the decline in lending is even more pronounced: in July 2016 there was $6.305 billion of new lending.
Within that lending total, investors were responsible for $1.062 billion in July.
Not only is that figure a drop on the $1.219 billion investors borrowed in June, but it is down by nearly….
Continue reading this article at the original source from GoodReturns.co.nz
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