Latest News
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The Changing Face of Buy-to-Let
According to data from UK Finance, BTL lending has significantly decreased, down 56.7% for purchases and 51.6% for remortgages. What’s more, a surprising one in ten properties currently on sale were previously rented, as per Zoopla. This indicates not just a slowdown in new landlords entering the market, but also a mass exodus of existing…
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Mortgage Arrears Increasing
According to global credit intelligence provider, Pepper Advantage, mortgage arrears in the UK have now hit their peak since the financial crisis. With data encompassing over 100,000 UK residential mortgages, the firm identified a 23.3% annual surge in the arrears rate for the third quarter of this year. A contributing factor to this increase seems…
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Falling Mortgage Rates
Rightmove, the online estate agent, recently released compelling data that suggests a promising landscape for mortgage borrowers: Economic Context To understand these numbers, it’s essential to look back. A year ago, the UK was grappling with the aftermath of a challenging mini Budget. So, while some might argue that the reductions aren’t surprising, they are…
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What Landlords Earned in 2021-22
Over the past few years, the buy-to-let (BTL) market has faced its fair share of hurdles, including tax changes and shifting regulations. But even amidst these challenges, the sector has shown considerable resilience. What’s more, its growth has outpaced several major asset classes. One key indicator of this resilience is the UK’s rented sector’s expansion.…
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UK Rent Prices Soar Further
According to the HomeLet Rental Index, October saw monthly rent prices surge across nearly every region in the UK, setting new records. Here’s what those numbers look like: These statistics underscore the accelerating pace at which the rental market is evolving. The Real Impact on Renters The surging rent prices are outpacing wage increases for…
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Upcoming Mortgage Rate Surge
The Labour party has recently raised concerns about a significant surge in mortgage costs. They estimate that, by the time local elections roll around in England in May 2024, over 630,000 homeowners could experience these increased costs. With the Bank of England likely maintaining its key base rate at 5.25%, borrowing will inevitably become more…
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First-Time Buyer? How to Get a Mortgage
Buying a property for the first time can be a daunting experience, particularly in the current climate where high mortgage rates, pricy deposits, and inflated house prices seem to be the norm. For those dreaming of stepping onto the property ladder, it’s essential to grasp how the property market works, what to anticipate, and strategies…
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Houses in Liverpool and Manchester Selling Fastest
Liverpool and Manchester have become the prime hotspots in the property market, with homes selling at an incredibly rapid pace. To be precise, homes in Liverpool are on the market for a mere 17 days before being snatched up, reflecting a vibrant demand in the region. Furthermore, homes in Salford, Basingstoke and Deane, and Sheffield…
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Housebuilding at Weakest Level Since 2020
Surveyors have given their most pessimistic evaluation of UK housebuilding since the beginning of the pandemic. Their observations for the three months leading up to September indicate a decreasing trend in construction output, further contributing to the already critical housing supply shortage. The Royal Institution of Chartered Surveyors (RICS) revealed that its housebuilding workload activity…
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New Trend: Young Homebuyers Opt for 35-Year Mortgages
In the ever-evolving landscape of the UK property market, the strategies young homebuyers employ to navigate high house prices and mortgage rates are shifting noticeably. One such trend that has taken root is the rising popularity of 35-year (and longer) mortgage terms among individuals under the age of 30. The Rising Popularity of Long-term Mortgages…