Tag: Bank of England
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Mortgage Approvals Fell in August
In August, a noticeable dip was observed in UK mortgage approvals, as they fell to their lowest in the past six months. According to data from the Bank of England, net mortgage approvals for house purchases went down from 49,500 in July to 45,400 in August. To provide a broader perspective, this is a decline…
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Mortgage Rates Dive Below 6%
It’s good news for homeowners and prospective buyers: the average five-year fixed mortgage rate has just gone below the 6% mark. This marks a decrease from 6.03% just the previous day, as reported by the reputable financial information service, Moneyfacts. But why is this significant? Well, to put it into perspective, one has to travel…
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UK Property: What Investors are Feeling Right Now
In the rapidly shifting world of UK property investment, understanding the mindset of potential investors can be as valuable as the hard statistics themselves. The ever-evolving dynamics of the UK housing market are not only guided by price changes and transaction volumes but also by the sentiment and confidence of the market players. On The…
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REITs and Rental Income
After a potential end to the Bank of England’s two-year rate-hiking cycle, REITs are looking at brighter days ahead. The potential halt in rate increments suggests commercial property valuations could witness an upswing. This positive development has come at an opportune moment, given the looming cloud of weak economic growth that could adversely affect rental…
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How UK Homeowners Are Adapting to Higher Mortgages
A fresh survey conducted by KPMG shines a spotlight on the evolving strategies of over 1,000 mortgage holders. Faced with rising monthly costs, many homeowners are re-evaluating their financial situation, taking steps to reduce their debt and make their mortgage payments more manageable. Tapping into Savings Approximately 18% of the survey participants have already utilised…
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KPMG Predicts 10% Dip in House Prices
KPMG’s Economic Outlook report for September 2023 provides a comprehensive insight into what lies ahead. Here’s a thorough analysis of the report, breaking down the key takeaways for anyone looking to make informed decisions in the UK property market. A Slowdown Beckons The report shows the UK economy exhibiting “renewed signs of stress” and predicts…
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The Shrinking Pool: Recent Decline in First-Time Buyers
The property landscape in the UK is being revised with considerable changes. Between January to August, a 22% decrease was noted in first-time home buyers, compared to the same time frame last year. This piece of concerning information is courtesy of the mortgage lender, Halifax. The same source points out that first-time buyers accounted for…
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Easing Mortgage Rates: A Glimmer of Hope for Homebuyers
In the recent times, UK homeowners have been under pressure with the skyrocketing monthly repayments on mortgages, largely due to the rise in interest rates. The mortgage rates hit a painful figure of over 6% for both two- and five-year fixed-rate deals, leaving many to groan under the weight of these repayments. However, there appears…
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BoE Says Landlords Leaving is Causing Rent Rises
The Bank of England recently released a detailed quarterly report that covers economic activities from July to August. This report, known as the Agents’ Summary of Business Conditions, sheds light on trading conditions across multiple sectors, including housing. It’s an important document, compiled through the collaborative efforts of the bank’s 12 regional representatives. These insights…
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Yorkshire Landlords Leaving Buy-to-Let
Yorkshire’s buy-to-let market has seen landlords enthusiastically invest for years. Bruce Collinson’s estate agency, a reputable name in Leeds, has observed this trend closely. But the past few months have shown a significant exodus of landlords from this market. Several factors have contributed to this shift: Collinson, a consultant and chartered surveyor at Leeds estate…