Tag: Bank of England
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Mortgage Market Warms Up With Biggest Boost Since 2021
Banks have ramped up the availability of mortgages more aggressively than any time since 2021, offering a warmer welcome for potential homebuyers. The Bank of England’s recent credit conditions survey, released on Thursday, highlighted a marked increase in the supply of home loans in the first quarter of 2024. This upswing in lending comes as…
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UK Mortgage Demand Bounces Back in First Quarter of 2024
The UK witnessed a significant upturn in the demand for mortgages, signalling a refreshing phase of stability in the property market. This positive shift, documented in the latest data from the Bank of England, breaks a pattern of uncertainty, highlighting a renewed confidence among homebuyers and investors. The Bank of England’s quarterly survey, which gauges…
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Brighter Days Ahead for UK Homeowners – House Prices Set to Rise
UK house prices are poised for a comeback, signalling good news for homeowners and potential buyers alike. After a period marked by declining prices due to rising interest rates and a cost-of-living squeeze, the latest industry poll from the Royal Institution of Chartered Surveyors (RICS) brings a ray of hope, indicating a potential uptick in…
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Property Fall-Throughs A £60m Headache for Estate Agents
The first quarter of 2024 has seen the UK housing market hit a stumbling block, with nearly one-third of all property sales not making it past the finish line. This trend is causing headaches for potential buyers and sellers and is also punching a hefty £60m hole in estate agents’ pockets annually. According to fresh…
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Brits Turn Spare Rooms into Cash Amid Mortgage Squeeze
The Barclays Consumer Spend report reveals a telling trend: a significant 12% of London homeowners have ventured into the rental market, transforming spare rooms into income streams over the past year. This phenomenon, however, isn’t confined to the bustling capital. Across the UK, approximately 3% of homeowners have also adopted this strategy, seeking to bolster…
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Mortgage Approvals Rose by 7.7% in February
The latest figures from the Bank of England indicate a resurgence in the UK housing market. February witnessed a remarkable 7.7% leap in mortgage approvals, pushing the number to 60,383—a whopping 40% surge from the same period last year. This increase marks the fifth consecutive month of increases, signaling a hopeful return to the vibrancy…
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UK House Prices Drop After Months of Gains
UK house prices took a dip in March, breaking a five-month streak of steady increases. For the first time in half a year, the UK’s housing prices have shown a decline, according to the latest data from Halifax. March saw the average house price fall by 1% from February, settling at £288,430, down from a…
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The Mortgage Maze – Finding Your Way to the Best Deals
This week, the market remains as challenging as ever, with average mortgage rates holding steady, reflecting a broader trend of financial uncertainty and high living costs. As of this week, those looking to secure a mortgage will find the average rates for two-year fixed deals at 5.74%, while five-year deals are slightly more appealing at…
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Mortgage Rates and the UK Housing Market – What’s Next?
The UK’s housing market, after a somewhat sluggish 2023, seems to be on a path of cautious recovery amidst fluctuating mortgage rates and inflation concerns. But what does this really mean for homeowners and prospective buyers as we look ahead? A Year in Review The past year wasn’t particularly kind to the UK housing market.…
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Mortgage Approvals Soar to 17-Month High
The housing market is showing signs of significant recovery, with mortgage approvals reaching their highest level in over a year. This upswing comes as borrowing costs have started to decrease, marking a positive shift for potential homeowners. In February, the UK saw a substantial increase in the number of mortgage approvals, surpassing the expectations of…