Homes for sale near festivals – in pictures
From a restored old coach works in London to an 18th-century paper mill in the Lake District Continue reading…
‘It would really help us’: renters in the UK who want a 100% mortgage
No-deposit loan presents possible route out of rental trap to those deemed eligible When Skipton, one of Britain’s biggest building societies, launched the UK’s first 100% mortgage exclusively for renters last month, reactions varied wildly. While some commentators regard the first-of-its-kind home loan as a “revolutionary” way to get people out of the rental trap […]
UK house prices experience annual fall for first time in decade, data shows
Price of average home in May was 1% lower than in same month last year, according to Halifax figures UK house prices have experienced their first annual fall in more than a decade, according to Halifax, in a sign that the impact of soaring interest rates on household budgets has brought a halt to the […]
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 […]
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 […]
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 […]
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 […]
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 […]
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…
UK house prices could be stabilising despite falls, say surveyors
Rics data for February shows improvement in new buyer inquiries and sales The UK housing market remains in decline but there are some signs of stabilisation, with an improvement in new buyer inquiries and sales last month, according to surveyors. Many told the Royal Institution of Chartered Surveyors (Rics) that a return of optimism, and […]
Will The Housing Market Collapse In 2023?
When it comes to stocks and shares, I’ve never been a massive fan of (or very good at) predicting what the market will do over a period of 12 months or so. If it goes up, great, if it doesn’t- I’ll buy more and sit on it. With housing however, it isn’t quite that straight forward. For […]
UK housing market ‘resilient’ as prices rise 1.1% in February; Greggs warns of rising costs – business live
House prices rose unexpectedly last month, but cautions that “the underlying activity continues to indicate a general downward trend” UK shoppers slash spending as price rises and energy bills bite Greggs has reported that its move to open some bakeries later into the evening is paying off. Greggs extended the opening hours of 500 shops […]
UK house prices rise as mortgage rate cuts lift confidence
Average monthly increase of 1.1% to £285,476 in February, after falls in previous two months, says Halifax UK house prices picked up in February from the previous month as recent reductions in mortgage rates helped to stabilise the market, according to the lender Halifax. The average house price rose 1.1% to £285,476 last month compared […]
UK shoppers slash spending as price rises and energy bills bite
February figures from BRC highlight impact of cost of living crisis on British economy before budget UK consumers sharply cut back their spending in February as soaring living costs damaged household finances, retailers have warned, despite strong sales of jewellery and fragrances for Valentine’s Day. Highlighting the impact of the cost of living crisis on […]
UK government made £2.4bn from ‘mortgage prisoner’ loan sales, says Martin Lewis
Tens of thousands of borrowers had their loans sold on to providers at which they were unable to switch The UK government made a £2.4bn “profit” when it pushed tens of thousands of mortgage borrowers “into poverty” after selling their loans on to new lenders, the campaigner Martin Lewis has claimed. The MoneySavingExpert founder was […]
How rising interest rates sent the UK housing market into reverse
An end to ultra-low rates mean borrowers can only afford smaller mortgages BoE boss says interest rates may have peaked UK house prices fall at fastest annual rate since 2012 Since the turn of the year the news on the economy has been less bad than expected. Growth has been a bit stronger, spending in […]
UK mortgage market contracts for fifth month after Liz Truss mini-budget
Approvals at lowest since 2009 – bar during Covid lockdown – as demand for new homes continues to fall Britain’s mortgage market has contracted for a fifth month in a row, official figures show, as the jump in interest rates that followed Liz Truss’s September 2022 mini-budget continued to trigger a collapse in demand for […]
UK house prices fall at fastest annual rate since 2012
Year-on-year February 1.1% decline comes as average price of property drops to £257,406, says Nationwide BoE boss says interest rates may have peaked How rising rates sent the UK housing market into reverse Annual house price growth in the UK turned negative in February for the first time in almost three years, Nationwide data shows, […]
Energy crisis stemming from Ukraine war ‘cost £1k for every UK adult’
Conflict came on top of our over-reliance on gas, says Energy and Climate Intelligence Unit The UK’s over-reliance on gas has been blamed for pushing up bills as it emerged that the energy crisis stemming from the war in Ukraine had cost the equivalent of £1,000 for every adult. A study by the Energy and […]
UK mortgage deals: how to navigate the rollercoaster rates ride
Amid a debate about what is happening to the housing market, what are your options? We are in the grip of a mortgage price war, according to some experts – but it probably won’t feel like that if you are staring down the barrel of much higher monthly payments. It is certainly fair to say […]
UK property demand declines as house prices in England fall
Further slowdown likely amid interest rate rise and cost of living crisis, says surveyors’ body Rics Property sales and house prices continued to decline across the UK in January, while new buyer demand and fresh listings were also down, surveyors have reported. A net balance of -47% for new buyer inquiries was reported, down from […]
UK house prices flat after four-month fall as interest rates bite
Halifax figures show average house price largely unchanged in January at £281,684 UK house prices were roughly flat in January, having fallen in the previous four months, according to Halifax. Average prices were stable at £281,684 last month, the lender said, after sharp falls of 1.3% in December and 2.4% in November. Continue reading…
‘I’m really worried’: homeowners and would-be buyers on UK interest rates
As the base rate reaches 4%, we hear from people concerned about rising mortgage costs Chris Felix-Hill, 47, and his wife, Adeline, from Steeple, Essex, are struggling to keep alive their dream of one day becoming homeowners, after “demoralising” house price rises during the pandemic and yet another interest rate rise from the Bank of […]
Will the interest rate rise trigger a stampede for tracker mortgages?
Hints by Bank of England that rates may have peaked leaves those remortgaging in a quandary What does the Bank of England interest rate rise mean for you? The rush towards tracker mortgages that began even before Thursday’s interest rate rise could well become a stampede after the Bank of England signalled that rates may […]
Bank of England raises UK interest rates to 4%
Hike of 0.5 percentage points lifts rates to 14-year high, but BoE says shorter and shallower recession now more likely Interest rates rise again but Bank of England hints at a brighter future The Bank of England raised interest rates for a tenth consecutive time on Thursday from 3.5% to 4%, but said inflation may […]
UK borrowers may struggle to repay debt as economy worsens, says Santander
Bank puts aside more money to protect itself from potential defaults in expected recession The impending recession could leave borrowers struggling to repay their debts, the high street bank Santander UK has said as it put aside more cash to protect itself from potential defaults. The UK arm of the Spanish bank said on Thursday […]
UK demand for mortgages slumps as interest rates deter buyers
Bank of England figures also reveal many households are dipping into savings, rather than using credit cards Demand for mortgages has collapsed to its lowest level since the depths of the 2020 lockdown as potential homebuyers are deterred by rising interest rates, the latest official figures show. The Bank of England said the number of […]
Priced-out UK house-hunters turn to lorry-sized tiny homes
Trailer-like homes are attracting people struggling to buy or rent a house. Our writer went to size one up You might bump your head, and the wheels betray its caravan roots, but it’s yours – and that’s the key for a growing number of people fleeing the UK housing crisis in a “tiny home”. Factory-built, […]
First-time buyers spend 39 per cent of take home pay on a mortgage – Nationwide
Homes for first-time buyers are at their most expensive as a proportion of take-home pay since the financial crisis. The proportion of monthly income that first-time buyers are having to put towards mortgage repayments is returning to levels last seen in the 2008 financial crisis, according to Nationwide. Nationwide, the UK’s third largest lender has […]