This week, the Bank of England Governor Andrew Bailey told MPs that fixed mortgage rates had come down from the highs seen in October in the wake of the mini-Budget. ‘We have seen that new fixed-rate mortgage rates have come down since, both for the lower-risk end of the mortgage market—I am talking here about … Read more
House price inflation at 10.3% is still in double digits, official figures show, but property values fell for first month since October 2021 The average UK house price is now £295,000 according to the ONS Properties added £28,000 over the 12 months to November 2022 Mortgage rates soared in October but many think the worst is … Read more
Mortgage approvals fell by a fifth in November to the lowest figure since June 2020, as buyers reconsidered house purchases Mortgage approvals fell to 46,075 in November from 57,875 in October Experts say slowdown is due to buyers ‘taking stock’ of market amid rising rates Mortgage product choice is down 32% compared to last January By Fran … Read more
Britain’s biggest building society predicts 5% house price fall in 2023: Nationwide says lower earnings and high interest rates will stifle growth Estate agencies predict house prices will fall as far as 10% next year Drop in prices driven by the sharp increase in mortgage costs this autumn Mortgage rates continue to fall but are … Read more
Average two-year fixed rate mortgage falls below 6% for the first time in two months… but some best buys are now charging as little as 4.6% The average two-year fixed rate deal is now 5.99% according to Moneyfacts Typical five-year fixed rate has already passed the benchmark and is now 5.78% Both had surged to … Read more
Half of UK homeowners are on a fixed rate mortgage ending within the next two years, creating the risk of a market-wide mortgage shock. Of those whose deals are coming to an end within the next two years, over half (55 per cent) are on two-year fixed rate deals and 39 per cent are on … Read more
The cost-of-living crisis has forced more than a million hopeful first time buyers under 45 years old to put their plans on hold, a new survey by Aviva has found. One in five of those surveyed said that the cost-of-living crisis and inflation were making buying a house unaffordable. The survey, focused on under 45s … Read more
When the Bank of England’s Monetary Policy Committee raised its base rate by 0.75 per cent to 3 per cent earlier this month the reaction was muted. Some expected mortgage rates to rise in the wake of the decision, as they have each of the eight times the Bank has increased the base rate since … Read more
Some mortgage lenders have hiked rates by as much as 0.5 percentage points in the last week, meaning interest costs are now above pre-pandemic levels for the vast majority of borrowers. In the last seven days, a raft of banks and building societies have upped their rates including Santander which increased them by up to 0.5 … Read more
The frantic pandemic property market will ease and return to ‘closer to normal’ but house prices are still expected to rise 5 per cent in 2022, Rightmove said today. The typical property asking price dipped in December, down 0.7 per cent, or £2,234, according to the property listings portal giant. The typical home coming fresh … Read more