Latest News
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UK House Prices Show Surprising Resilience Despite Economic Woes
Key points – In a twist that defies the challenges of a sputtering economy, UK house prices have shown a remarkable resilience, continuing their upward trajectory for a second consecutive month. This trend, detailed in recent Halifax data, highlights a property market that seems to stand firm despite the broader economic instability. A Steady Climb…
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Ground Rent Reforms: A Double-Edged Sword
Key points – Michael Gove, the UK’s Levelling Up Secretary, has set his sights on transforming the way leasehold properties operate in England and Wales. His bold plan? To drastically cap ground rents, a move he’s steadfastly committed to. But this isn’t just a straightforward reform. It’s a complex issue that has major financial implications…
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Commercial Property -The Fall of a Property Empire in a World of Rising Interest Rates
Behind the Shiny Facades: René Benko, an Austrian property billionaire, built a massive empire with the Signa Group, owning renowned properties like London’s Selfridges and New York’s Chrysler Building. His strategy heavily relied on low borrowing costs, amassing a property portfolio worth €27 billion. However, this approach also accumulated a staggering €13 billion in debt,…
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First Direct Slashes Mortgage Rates
First Direct has recently announced significant cuts in its mortgage deal costs, particularly benefiting those with smaller deposits. This move is part of a wider trend in the mortgage industry, with several lenders adjusting their rates in response to the evolving market conditions. Major Cuts for Small Deposits First Direct has made a notable reduction…
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First-Time Buyers Opt for Lengthy Mortgages Due to High House Prices
Key points – Around 20% of first-time homebuyers are now opting for mortgages extending over 35 years. This trend, highlighted by UK Finance, underscores the challenges faced by new homeowners in balancing the dream of owning a house with the realities of high interest rates and escalating living costs. Longer Mortgages: A Necessity or a…
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Britain’s Top 20 Happiest Places to Live
In a recent study conducted by Rightmove, Richmond in London has been crowned the happiest place to live in Britain. The survey, which involved over 26,000 participants, assessed residents’ contentment based on various factors influencing their happiness. The Top Contenders Following Richmond, Winchester in Hampshire secured the second spot, while Monmouth in Wales impressed with…
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UK Property Fund Investors Withdraw Amid ‘Triple Squeeze’
Key points – The UK’s property fund sector is currently facing significant challenges, with investors rapidly withdrawing their funds. This trend has been observed for the second consecutive month, according to recent data from Calastone, a leading fund network. November A Tough Month for Property Funds In November, the real estate funds saw an alarming…
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Surge in Buyers Using Inheritance for Home Purchases
Key points – Data from Thirdfort, a compliance platform, reveals a significant shift towards using family inheritance to fund property purchases, particularly in London. This phenomenon is not limited to the capital, as regions across the UK show varying degrees of reliance on inherited wealth for stepping onto the property ladder. London Leads the Way…
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Empty Houses and The Push for Higher Mortgage LTVs
Key points – In the UK, a staggering 90,000 newly built homes remain unoccupied, and the reason behind this is not just the sky-high property prices but also the stringent mortgage requirements imposed by lenders. Specialist finance lender Atelier has pointed out a critical issue: the current low loan-to-value (LTV) ratios demanded by mortgage lenders.…
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The Mortgage Works Crowned Top Buy to Let Mortgage Lender Again
Key points – The 2023/24 Your Mortgage Awards have spoken, and The Mortgage Works has been named the ‘Best Buy to Let Mortgage Lender’. This isn’t their first rodeo; they’ve clinched this title an impressive six times from 2010 to 2023/24. It’s a testament to their consistent performance and dedication in the buy to let…