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...Brexit and mortgage regulatory changes also played a role, according to Richard Donnell, executive director at property consultancy Houseful....
...The Nationwide Index, for example, is based on mortgages approved in the month, while the official house price index tracks prices of completed transactions....
...Ashley Webb, an economist at Capital Economics, said the BoE figures suggested “the drag on consumer spending and the housing market from higher interest rates [was] easing”, adding: “The recession will...
...Prices rebounded in the capital in the first three months of 2024, rising at an annual rate of 1.6 per cent, up from a contraction of 2.3 per cent in the final quarter of 2023....
...Venture capital fund Silverstripe backs mortgage lender Perenna, rather than Silverstream as incorrectly stated in an analysis on April 23....
...Skipton’s Track Record mortgage allows borrowers to use evidence of paying regular rent when judging whether they can afford the mortgage....
...Rising mortgage rates have meant many landlords have had no choice but to increase rents.”...
...Mortgages for house purchases, or remortgages, were down 21 per cent, while new lifetime, or equity release, mortgages were down 40 per cent....
...Imogen Pattison, economist at Capital Economics, said price gains will only slow in the near term....
...The mood has since shifted, with prices in the capital on the rise once more, though checked by a renewed uptick in mortgage costs in recent weeks....
...Over the past few years UK policymakers have explored the idea of mortgages with an interest rate locked in for the term of the loan, along the lines of long-term products offered in countries like the US...
...on price,” said Andrew Wishart, senior economist at research company Capital Economics....
...“The Prudential Regulation Authority could have concerns about banks’ exposure to 99 per cent loan-to-value mortgages, even if partially underwritten by government, and could look for additional capital...
...He and Samantha now need to be in the capital most weekdays for work. “The commute — which is over 2 hours 30 minutes each way — has just become too painful,” he says....
...Andrew Wishart, senior economist at Capital Economics, said some potential buyers were probably waiting on the BoE to cut rates....
...This should support residential investment going forward: recall that the single-family sector is a bigger driver of GDP growth than multi-family....
...The drop suggests that 5-year fixed mortgage rates could dip below 4 per cent this month, according to consultancy Capital Economics....
...He added that households had more scope to make mortgage payments since wages were rising faster than the rate of inflation....
...Mortgage rates have stabilised since late last year after the Bank of England held interest rates....
...Higher-rate taxpayers selling residential property in the UK will pay less capital gains tax, the chancellor announced in the Budget on Wednesday, arguing the measure would increase tax revenue....
...Tom Bill, head of UK residential research at estate agency Knight Frank, said: “The economic data has fluctuated since Christmas but the direction of travel for the housing market is up as mortgage rates...
...“Sellers are having to continue to rein in their price expectations,” says Lucian Cook, head of UK residential research at estate agent Savills....
...The risk to lenders that the BoE would take longer than expected to cut base rates had eased this week, according to Lucian Cook, residential research director at estate agent Savills....
...Consultancy Capital Economics forecasts house prices will probably fall 1.5 per cent in 2024, and that mortgage rates will sit just below 5 per cent for most of the year....
...About 1.5mn fixed-rate mortgage deals are set to expire this year. Greater competition in the mortgage market will be helpful to borrowers....
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