Tag: Bank of England
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UK Housing Market Facing Slowest Year in a Decade
The UK property market is facing its slowest year for house sales in over a decade, according to research by property portal Zoopla. The decline in sales is primarily due to higher mortgage rates and inflation, which have reduced the purchasing power of potential homebuyers. Zoopla’s study suggests that approximately 1 million houses will be…
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Londoners Knock £23k Off Asking Prices
Homeowners in London have been forced to reduce their property asking prices by an average of £23,500, as soaring mortgage costs have hit the capital harder than any other region in the UK. According to data from Rightmove, asking prices in London have dropped by 3.4% since they peaked in May. Mortgage rates have tripled…
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Cash Buyers Snapping up Bargains
Cash buyers in the UK property market are gaining a bigger advantage over those using mortgages, as rising interest rates and higher prices make it harder for mortgage holders to compete. Data from Octane Capital showed that in June 2023, cash buyers were completing deals for £27,600 less than mortgage buyers, compared to a gap…
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Buy to Let Mortgage Rates Fall
According to data from Moneyfacts, buy-to-let rates are currently on the decline after steadily rising throughout much of the year. The average 5-year fixed rate for buy-to-let mortgages now stands at 6.47%, down from 6.72% at the beginning of August. Additionally, 2-year fixed rates have also decreased, now averaging at 6.66% compared to 6.88% earlier…
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HMO Buy-to-Let Still a Popular Choice
According to a recent survey conducted by Sourced Franchise, the majority of UK property investors remain confident in the value and performance of their portfolios. The research revealed that 71% of investors have not experienced a decline in the value of their portfolios since the Bank of England began raising interest rates in December 2021.…
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Reuters Poll Predicts More Interest Rate Rises
According to a recent poll conducted by Reuters, the Bank of England (BoE) is expected to raise its Bank Rate to 5.50% on September 21. However, a significant minority of economists still believe that rates may go even higher this year. What’s Happening? The Bank of England (BoE) is expected to raise its primary interest…
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Nationwide and Santander Cut Mortgage Rates
Nationwide Building Society and Santander have announced mortgage rate cuts, with other lenders potentially set to follow suit. Nationwide is cutting rates by up to 0.4% on its fixed mortgage products for new customers moving home, first-time buyers and remortgaging customers. Santander, which has already reduced rates by up to 0.29% in the past week,…
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London House Prices – 5 Trends from the Data
The housing market in the UK has seen some interesting trends in recent months, with both renting and buying markets experiencing fluctuations. City AM spoke to several experts on the London market and got five key takeaways from the latest data: What’s Next? In essence, the housing market in the UK is currently a bit…
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What Does the 18-Year Cycle Predict for House Prices?
According to Fred Harrison, a British author and economic commentator, the 18-year property cycle can accurately predict the next house price crash. The theory suggests that there is a pattern of property price ups and downs that repeats itself every 18 years. Harrison accurately predicted the housing market crashes in the early 1990s and 2008…
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It’s Now Cheaper to Rent Than Buy – Zoopla
According to a report by property website Zoopla, it is now cheaper to rent a home in the UK than to buy one for the first time since 2010. The average monthly rent in the country is £1,163, while the average monthly mortgage repayment for first-time buyers with a 15% deposit is £1,285. The worst…