Tag: Bank of England
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Breakthrough in Mortgage Deals – A Flexible 5-Year Plan With 2-Year Exit Option
Virgin Money has launched an innovative five-year fixed mortgage deal. What’s unique about this offer? It allows customers the freedom to exit the deal after just two years without any fees. This marks a significant shift from traditional mortgage loans, which typically bind borrowers to fixed costs for a set period and penalise them for…
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House Prices in Wales Hit Lowest Since 2009
House prices in Wales have plummeted, marking their most dramatic drop since the financial crisis of 2009. As of the end of 2023, the average house price stood at £234,000, a 6% decrease from the record highs seen just a year earlier. This downturn represents not just a momentary dip but a consistent trend, with…
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London Housing Market Sees Surge in Demand and Falling Prices,
The London housing market is currently experiencing a significant shift, presenting a golden opportunity for potential buyers. According to a recent report, demand for homes in London has skyrocketed by 21% since January, marking the most opportune moment to purchase a property in the city since 2016. But experts caution that this window of opportunity…
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England’s Property Market Sprang Back in Late 2023
As 2023 drew to a close, the property market in England witnessed a remarkable upswing. In the final quarter of the year, the number of homes listed online and marked as ‘sold subject to contract’ (SSTC) leaped by 7%. That’s a staggering 277,115 homes changing hands, or in simpler terms, about 18,000 more eager homeowners…
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Inflation Easing, UK Economy and House Prices Set for a Boost
Good news is on the horizon for the UK economy and the housing market, as the battle against inflation starts showing positive results. According to the EY Item Club, a leading economic forecaster, this victory over inflation is poised to spur economic growth and stabilise house prices in 2024, bringing relief to families across the…
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Mortgage Rate Cuts Nearing an End, Experts Caution
Recently, there’s been a fierce competition among mortgage lenders in the UK, leading to a significant drop in mortgage rates. Since the start of the year, over 50 lenders have slashed their residential rates. This trend was fueled by expectations that the Bank of England would reduce the base rate once inflation was under control.…
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Inflation Rise Hits UK Housing Market – Prices Set to Drop
The UK’s housing market is bracing for impact as inflation rates continue to rise, defying earlier expectations. Experts from Propertymark, a leading property trade body, have warned that a decrease in house prices is now inevitable. The statement from Propertymark suggests that the persistent high inflation is a major player in the imminent drop in…
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Landlords – Time to Fix or Track? Best Buy-to-Let Mortgage Deals
Buy-to-let landlords in the UK are currently grappling with a challenging environment, marked by rapidly increasing interest rates, soaring costs, and a less accommodating tax regime. These changes have significantly escalated the expenses for many landlords, paralleling the concerns of homeowners and first-time buyers. Since the beginning of the year, a fierce competition among lenders…
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HSBC Reduces Mortgage Rates
HSBC, one of the largest banking giants, has made a significant move by cutting mortgage prices. This decision arrives just before a crucial week of economic updates from the Bank of England. The new, lower rates from HSBC are set to kick in from January 16th. However, the exact details of these rates remain under…
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Crest Nicholson’s Profit Plunge – Tough Year Ahead for UK Housebuilder
Crest Nicholson, the Surrey-based housebuilder, has announced a significant cut in its profit outlook for the third time in just six months. This decision, driven by escalating costs and unforeseen legal challenges, paints a concerning picture for the company and the broader housing sector. Escalating Costs at Brightwells Yard At the heart of Crest Nicholson‘s…