An EWS1 kind or equal doc was required by lenders for 10 per cent of mortgage valuations for studios in Q2, a slight rise on eight per cent within the earlier quarter.
Data from six mortgage lenders submitted to the Department for Levelling Up, Housing and Communities (DLUHC) discovered that this equated to 4,000 flats out of the 43,000 that had been valued for a mortgage through the interval.
This was up from 3,000 flats which required an EWS1 or equal kind, out of the 35,000 valued within the three months to March.
Annually, this was decrease than the 5,000 flats the place an EWS1 kind or its equal was requested by lenders, out of 54,000 properties.
The peak of a property was the driving issue for EWS1 requests, as indicated by knowledge masking 30,000 flats throughout 4 lenders.
Some 62 per cent of those flats which required an EWS1 kind had been seven storeys or greater, whereas 32 per cent had been 5 to 6 storeys tall.
Just two per cent had been low-rise properties of 1 to 4 storeys and 7 per cent had been a mix of mid and low-rise buildings.
Compared to the earlier quarter, there was an identical share of low-rise and mixture buildings requiring an EWS1 kind or equal. In Q1 this 12 months, mid-rise properties made up 28 per cent of EWS1 kind requests and high-rise buildings accounted for 53 per cent.
The unfold of properties requiring an EWS1 kind in Q1 was broadly just like Q2 final 12 months.
The mortgage valuations that kind this knowledge check with valuations made as a part of a mortgage utility for regulated mortgages, buy-to-let mortgages and second home mortgages.
The DHULC stated it was working with lenders to enhance the standard of the information and study the influence of EWS1 kinds on mortgage transactions.
The division stated the information lined nearly all of the lending market.
Shekina is the industrial editor at Mortgage Solutions. She has over 4 years’ expertise within the B2B publishing market, with earlier industries together with the accounting, pet, funeral, hospitality, retail and jewelry trades.
She at the moment experiences on present occasions within the mortgage market and liaises with monetary purchasers to supply sponsored content material.
Follow her on Twitter at @ShekinaMS
