Housebuilders cut back on construction as UK mortgage rate rises spook buyers
Work on residential building sites slips in May to weakest level since 2009 UK banks pull hundreds more mortgage deals as fixed rates rise Britain’s housebuilders are cutting back on the construction of new homes amid signs that potential buyers are being spooked by the prospect of increases in mortgage rates over the coming months. […]
UK banks pull hundreds more home loan deals as fixed mortgage rates rise
Mortgage market turmoil prompts record numbers of people to take out loans of more than 35 years Hundreds more home loan deals have been pulled by banks and building societies since the end of last week while rates on new fixed mortgage deals are continuing to ratchet upwards, the latest data reveals. The continuing turmoil […]
Mortgages: UK lenders continue to raise rates and pull deals
Record 19% of all loans taken out by first-time buyers in March were for 35 years or longer Business live – latest updates Mortgage market misery has stepped up for homebuyers as lenders continue to increase borrowing rates and pull deals, prompting record numbers to take out loans of more than 35 years in an […]
We can’t get a mortgage to help us buy a listed property. Should we find another way?
The seller failed to get conversion warranty but bought retrospective one, while broker suggested secured loan to us Q My husband and I have recently sold our first home in the south-east and now have £300,000 in our bank account. We would like to buy a beautiful property farther north for the agreed price of […]
Biggest drop in UK annual house prices since 2009, with market ‘facing strengthening headwinds’ – business live
Nationwide reports that UK annual house price growth fell to -3.4% in May, from -2.7% in April, but hopes for a ‘soft landing’ Chris Druce, senior research analyst at estate agent Knight Frank, says further interest rate increases will act as a ‘brake’ on the housing market: “With fewer transactions at the start of the […]
Agreed house sales in UK at highest point this year, says Zoopla
But property website warns that rebound in activity could be hit by rising mortgage rates More prospective house sellers are returning to the UK’s property market, pushing agreed home sales to their highest point of the year in May, according to Zoopla, although it warned that the rebound in activity could be knocked by rising […]
Stylish new-build UK homes for sale – in pictures
From an airy modern studio in Edinburgh to a Georgian-influenced village in Dorset Continue reading…
UK homeowners and first-time buyers warned to brace for 5%-plus mortgage rates
Lenders forced to raise fixed-term deals after latest inflation figure pushed swap rates upwards Households looking for a new mortgage deal have been warned to expect 5%-plus fixed-rate deals in the coming weeks, after Wednesday’s inflation figures sent the money markets back into turmoil. Nick Mendes, the mortgage technical manager at the broker John Charcol, […]
Inflation calculator: find out how much UK household price rises affect you
This online tool will help you discover what is contributing to your household’s cost of living increases Inflation has been soaring in the UK, with people being hit by higher prices for everyday essentials. The latest inflation rate for the 12 months to April 2023 means that goods and services cost more than 8.7% more […]
UK inflation drops but food price rises remain close to 45-year high – business live
Rolling, live coverage of business, economics and financial markets as analysts expect drop in consumer price index inflation Rachel Reeves, Labour’s shadow chancellor, is focusing on food prices (as did her Conservative counterpart). But it is the core inflation number that is catching the eye of many analysts. Continue reading…
Private renters ‘almost twice as likely to struggle with debt as UK general population’
Charity says stronger protections are needed or people will be left vulnerable to ‘hair-trigger evictions’ Private renters are almost twice as likely to be struggling with problem levels of debt as the general population, with a sharp rise in the numbers in serious financial difficulty since January, research shows. The figures come against a backdrop […]
A broker told me I don’t earn enough for a London mortgage. Is that true?
I have lived at the family home all my life, I earn £26,000 a year and have about £60,000 for a deposit Q I’m almost 26 and have lived at home my whole life, just outside the M25. I am a tailor, I didn’t go to university – so have no student debt – and […]
UK households with communal heating facing 350% rise in energy costs
Surge in energy costs filtering through to low-income households on shared heat networks Lambeth council tenants ‘in precarious position’ after 350% service charge rise Residents in council homes and private flats with communal heating systems are experiencing a “nightmare” rise in their energy bills, with households scrambling to fund increases of up to 350%. An […]
Lambeth council tenants ‘in precarious position’ after 350% service charge rise
Price hikes of up to £300 a month for communal heating and hot water driven by rapid increase in energy costs UK households with communal heating facing 350% rise in energy costs Peter Shapcott is sitting in his council flat in Brixton, south London. As he examines the bills that have come out of his […]
British supermarkets report shortages of peppers as Morrisons rations sales
Retailer limits purchases to two a customer after cold snap in Europe hits supplies British supermarkets are running short of peppers after a cold snap in Europe, leading some to limit the number customers can purchase. In a repeat of the shortages of salad crops in February and March, another bout of unseasonably cold weather […]
Landlord mortgage costs rising faster than rent rises, research shows
Landlords’ mortgage costs have been faster than rent rises over the past two years, new research has highlighted. Estate agency Barrows and Forrester says its analysis of average landlord borrowing costs show a BTL investor with a variable rate repayment mortgage is now paying a 20% more a month than in 2021, or £1,113 compared […]
BREAKING: £17.9 billion landlord bill for EPC upgrades revealed
Private landlords face a combined bill of £17.9 billion to upgrade their properties to a minimum EPC band C by 2025, with landlords in the capital facing the largest bill at £3.2 billion. Knight Frank’s figures highlight the looming crunch within the private rented sector presented by the EPC upgrade requirements, funding details of which […]
How to Evaluate a Potential Real Estate Investment Opportunity
Evaluating a potential real estate investment opportunity can be stressful. There are many factors to consider, including market conditions and property prices. However, it’s also important to consider whether your plan for improvements will be successful in increasing the value of the property over time. In this blog post, we will explore strategies for evaluating […]
Little progress made on energy efficiency in UK homes, report finds
National Infrastructure Commission accuses ministers of ‘prevarication’ over installation of heat pumps Ministers have made negligible progress in improving the energy efficiency of the UK’s homes even as Russia’s invasion of Ukraine has underscored the need to cut the reliance on gas for home heating, according to the National Infrastructure Commission (NIC). The independent infrastructure […]
Jeremy Hunt has left the UK to rot in poverty. So we must take matters into our own hands | Gordon Brown
With hygiene banks now joining food banks and clothes banks, I’m calling on retailers to take drastic action and help their poorest customers Poverty will last until doomsday if this Conservative government is all that confronts it. The so-called “budget for growth”, more accurately titled the “budget for growth in poverty”, has done nothing for […]
Bank of England boss urges firms to hold back price rises or risk higher rates
Andrew Bailey says interest rates will have to rise again unless inflation falls Wetherspoon’s boss: hospitality holding off price rises could be ‘catastrophic’ The Bank of England governor, Andrew Bailey, has called on businesses to hold back price rises, telling them that interest rates will need to rise again unless inflation falls. Bailey, who was […]
Bank of England chief warns of further interest rate hikes if firms raise prices – business live
Andrew Bailey appeals to businesses to avoid price rises because higher inflation ‘hurts least well-off in society’ Stock markets are in the red again, with the FTSE 100 index down 67 points, or 0.9%, at 7,431. Germany’s Dax has lost 133 points, or 0.9%, to 15,076 while France’s CAC fell 65 points, or 0.9% to […]
Studio flats for sale – in pictures
From a historic art deco ‘bachelor’s pied-á-terre’ in the heart of Chelsea, to one of Manchester’s coolest geometric glass creations Continue reading…
UK households ‘spent 12% more on essentials in February than year earlier’
Almost four in 10 people have to use credit cards to cover such costs, says Nationwide Inflation and rising bills mean UK households are spending 12% more on essentials than they were a year ago, with almost four in 10 people having to use credit cards to cover these costs, new data shows. Two days […]
Food banks supported 800,000 UK children in 2021-22, data shows
One-fifth of UK population was in relative poverty after first year of pandemic, when support measures scrapped Families including 800,000 children were forced to turn to food banks to feed themselves as poverty levels started to rise again after the first year of the pandemic, the first official figures on UK food bank use show. […]
Bank of England raises UK interest rates by quarter-point to 4.25%
Monetary policy committee votes to increase base rate after February’s surprise rise in inflation Business live – latest updates Analysis: Is this the end of interest rate rises? What the interest rate rise means for you The Bank of England has raised interest rates by a quarter of a percentage point to 4.25% in response […]
UK interest rate rise: what it means for you
How the new base rate of 4.25% might affect mortgages, house prices and credit cards Business live – latest updates Analysis: Is this the end of interest rate rises? Bank of England raises interest rates to 4.25% The Bank of England has yet again raised interest rates, this time by 0.25 percentage points, taking the […]
UK shoppers: which item in your basket has gone up most in cost?
We would like to know about the key product that has risen in price the most in your shopping basket over the last year The UK’s annual inflation rate rose to 10.4% in February as prices continue to rise for a wide range of goods and services. If you live in the UK, we would […]
Why does the UK have highest inflation in G7 and is Brexit a factor?
Britain appears to be an international outlier after the shock reading in double digits this week Live coverage: Inflation jumps as cost of living crisis intensifies UK inflation rate in surprise rise to 10.4% Inflation calculator: find out how much price rises affect you Britain has the highest inflation rate in the G7, as the […]
Jeremy Hunt’s ‘stealth’ income tax rise: here’s how it will affect you
Millions of people in England, Wales and Northern Ireland face paying basic or higher-rate tax for first time. We look at how much it will cost and what you can do The government’s decision to freeze income tax thresholds means nearly 3 million low- and middle-income people in England, Wales and Northern Ireland will have […]
Central banks must keep interest rates high to combat inflation, says OECD
Organisation also says UK will be only G20 economy apart from Russia to shrink this year Central banks should maintain the fight against inflation with high interest rates despite fears of a global banking crash, according to the OECD, which said the UK will be the only economy in the G20 apart from Russia to […]
Homes for sale in former pubs – in pictures
From a rags-to-riches brick workers’ alehouse to a pub that could once have served thirsty rope makers Continue reading…
Budget: UK on track for ‘disastrous decade’ of income stagnation
Thinktank says taxes as share of GDP are on course to reach 70-year high but public services are being cut Budget 2023: key points at a glance The UK remains on track for a “disastrous decade” of stagnant incomes and high taxes, despite cuts to public services, the Resolution Foundation has said in its analysis […]
‘Disappointing’ – housing chiefs slam lack of property measures in Budget
Landlords, estate agents and surveyors have all given yesterday’s Budget an unqualified thumbs down after the Chancellor chose to focus on economic growth but ignore several problem threatening to engulf the housing market. All have said the budget was disappointing and a ‘missed opportunity’ to invest in the UK’s housing market and head off some […]
Landlords are rushing to sell as tax bills and refurb costs rise above rent
You’ve made the decision to sell, and beat the market drop and increased costs. But where do you turn? Estate Agents can get you a high price, but they’ll take far too long. Auctions can sell super-fast, but you might be compromising on price. At Landlord Sales Agency, industry experts in selling tenanted properties, we […]
A Guide to Finding the Perfect Holiday Rental in Shrewsbury
Looking for a holiday rental in the picturesque town of Shrewsbury? Look no further, because we’ve got you covered! With its stunning architecture, rich history, and charming atmosphere, Shrewsbury is the perfect destination for your next getaway. But with so many options to choose from, finding the perfect holiday rental can be overwhelming. That’s why […]
A year in review for agents: The PRS annual report 2022
The Property Redress Scheme annual report 2022 has just been released and reflects on the past year in the property rental sector and we look at some of the major things on the horizon that property agents need to be prepared for in 2023. The report covers a summary of what happened in the private […]
Second charge new business up 8%: FLA
There were 2,295 new second charge agreements made in January, says the Finance and Leasing Association (FLA). This is 8% more than in January 2022, it adds. Meanwhile, the value of new business stood at £103m, which is 14% more than the year previous. The FLA also notes that new agreements made numbered 33,951 in […]
Experian Testing Pilot Service that Could Help New Arrivals to the UK Build a Credit File in Just Three Months
Experian today announced plans to pilot a new service that could help millions of financially excluded people get better access to mainstream financial services. Experian’s ground-breaking initiative aims to help people with little or no credit history – the so-called ‘credit invisibles’ – build out their credit files in as little as three months, for […]
De Vere Beaumont Estate completes multi-million-pound refurbishment
De Vere Beaumont Estate in Old Windsor, part of De Vere’s collection of country estate hotels, has today unveiled the final phase of its grand transformation with the completion of refurbishment works to its bedrooms, the Beaumont Restaurant and ind…