Tag: Bank of England
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Alarm Bells – First-Time Buyers Forking Out 40% of Wages on Mortgages
Are you dreaming of owning your own home but worried about crippling mortgage payments? You’re not alone! The latest figures from Nationwide Building Society reveal that first-time buyers are now shelling out 37% of their hard-earned cash on mortgage repayments. This figure is significantly higher than the long-term average of 30%, painting a bleak picture…
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Interest Rate Cut – Is This the Moment the Housing Market Turns a Corner?
Good news for buyers and sellers as the Bank of England reduces interest rates for the first time since the pandemic. In a move that could signal a boost for the housing market, the Bank of England has decided to cut interest rates for the first time since the start of the Covid pandemic. This…
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Mortgage Rates Could FALL as Bank of England FINALLY Slashes Interest Rates
Good news for homeowners! The Bank of England has cut interest rates from 5.25% to 5% – the first reduction in over four years. This long-awaited decision follows seven consecutive months where the Bank chose to keep rates on hold and puts an end to over a year of consecutive rate hikes that started back…
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Mortgage Market Gets a Much-Needed Boost! Who Has the Best Rates?
There’s a ray of light in the mortgage market as some of the top rates have started to drop. This comes as the Bank of England reports that mortgage borrowing shot up from £1.3 billion in May to £2.7 billion in June! While the number of mortgage approvals stayed steady at 60,000, this surge in…
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House Sales Dip but Experts Say Don’t Panic!
The number of homes being bought and sold has dipped slightly, but experts are saying it’s just a blip and things are still looking good for the property market. Official figures from HMRC show that the number of house sales in June 2024 was slightly lower than in May 2024. This is the first time…
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House Sales Dip Ahead of Expected Interest Rate Cut
Buyers “Waiting in the Wings” for Cheaper Mortgages The number of homes being bought and sold has dipped slightly, as people across the country hold off on making big decisions before the next interest rate announcement. Official figures from HMRC show that in June, there were 91,370 completed house sales. This is a drop of…
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Foxtons Is Crushing It – How This Estate Agent Is Outperforming the Market
If you’re looking to invest in the UK property market, you can’t ignore Foxtons. The London-based estate agent, known for its bright green and yellow Minis, is proving to be a force to be reckoned with, despite the challenging market conditions. Foxtons recently released its first-half results, showcasing a significant turnaround in its fortunes. Here’s…
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Detached Houses Now £170k Pricier than Semis – But Buyers Don’t Care!
The dream of owning a detached home is alive and well, even if it means digging deeper into our pockets. It seems Brits are happy to pay a hefty premium for extra space and privacy – with detached properties now £170,000 more expensive than semi-detached homes. According to Lloyds Bank, a third of movers opted…
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Mortgages – What are Swap Rates and Why Should You Care?
Want to understand what’s going on with mortgage rates and how it affects your next property move? Let’s look at swap rates and how they impact your mortgage. Mortgage Rates – The Basics You know the drill: you want a mortgage, you need to pay interest on that loan. But there are two main ways…
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Mortgage Borrowing Doubles – Is A Rate Cut on the Way?
Mortgage borrowing in the UK has more than doubled, jumping from £1.3 billion in May to £2.7 billion in June, offering a glimmer of hope to homebuyers. Could this signal a rate cut is on the horizon? The Bank of England’s latest report shows the annual growth rate for net mortgage lending is also on…