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 […]