Tag: Bank of England
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House Hunt Hurdles – Rising Mortgage Rates Curb Buyer Enthusiasm
The housing market in the UK has experienced a shift. After a brief period of increasing interest from buyers, the enthusiasm seems to be waning again due to the escalating mortgage rates. This change in market dynamics is evident from the latest findings of the RICS UK Residential Survey, which provides a detailed look at…
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Homeownership Dreams Extend into Later Life
More individuals in their 50s and 60s are aspiring to own their first homes. Legal & General Mortgage Services reports a notable 13% increase in prospective homeowners aged 56 to 65 in the first quarter of 2024, compared to the same timeframe in the previous year. This increase is part of a broader trend observed…
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House Price Decline Slows in England and Wales
House prices across England and Wales are continuing their downward trajectory, but there’s a silver lining— the pace of the decline is decelerating. This shift suggests a potential stabilisation in the housing market, as detailed in the latest e.surv house price index. The average sale price for homes in England and Wales, accounting for cash…
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MPowered Mortgages Reduces Rates
MPowered Mortgages has announced cuts to its fixed mortgage rates. The company has reduced rates across its 2-year and 5-year fixed rate ranges For those considering locking in their mortgage rate, MPowered now offers more attractive terms. Starting from a lowered rate of 4.37%—a drop from the previous 4.59%—the 5-year fixed rate range is looking…
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Northern Ireland’s Housing Market Shows Resilience
The housing market in Northern Ireland is exhibiting promising signs of stability and marginal growth. According to the latest Northern Ireland Quarterly House Price Index Report from Ulster University, the average house price in the region for the first three months of the year was £206,754. This marks a slight increase of 0.6% compared to…
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UK Housing Market – Regional Price Trends Revealed
Recent data has highlighted intriguing regional trends and shed light on the challenges and opportunities facing homebuyers across the country. The UK housing market shows distinct regional differences in terms of price changes. The North West of England is currently the frontrunner in property price growth, boasting a significant annual increase of 3.3%, bringing the…
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Rising Mortgage Rates Challenge UK Homebuyers
Securing an affordable mortgage has become increasingly challenging for UK homebuyers. The average rates for fixed mortgage deals have seen a fluctuation, with two-year deals averaging 5.85%, slightly down from 5.89%, and five-year deals climbing to 5.39% from 5.34% last week, according to Uswitch data. This change comes amid a tense climate in the mortgage…
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No Change in Interest Rates – What It Means for Mortgages
The Bank of England has made a decision to maintain the base interest rate at 5.25% for the sixth consecutive time, starting initially in September 2023. This decision comes after a period of aggressive rate increases, with 14 consecutive hikes since December 2021. In the latest vote, seven members of the Monetary Policy Committee (MPC)…
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UK Property Market’s Spring Rise Stumbles Over High Mortgage Rates
The anticipated “spring bounce” in the UK property market hasn’t taken off as expected this year, leaving estate agents and surveyors reporting a slower season than usual. A recent survey conducted by the Royal Institution of Chartered Surveyors (RICS) reveals that rising mortgage rates have significantly impacted buyer enthusiasm and market activities. The RICS monthly…
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UK Mortgage Growth Set to Increase as Inflation Declines
The UK housing market has faced its fair share of challenges in recent years, with high inflation and soaring mortgage rates putting a damper on many people’s dreams of buying a home. However, the latest forecast from the EY ITEM Club, a respected economic forecasting group, brings a glimmer of hope. They predict a significant…