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Chancellor Rachel Reeves has introduced significant changes in the Autumn Budget 2024, aimed at reshaping the housing landscape by increasing stamp duty for second homes and implementing measures designed to assist first-time buyers. Key Changes for Second...
Unexpected Inflation Decline Sparks Rate Cut Speculations: BoE Insights
Encouraging Inflation News In a recent speech, Bank of England Governor Andrew Bailey shared some positive news about UK inflation. He indicated that inflation is decreasing “faster than expected.” However, he also expressed concerns about possible changes in the...
Remortgaging Hits Peak in September as Homeowners Seek to Lock in Better Rates
The latest data from LMS shows a significant increase in remortgaging activity in September, as many homeowners look to secure better mortgage deals amid rising monthly payment costs. With the average monthly payment rising by £370.13 for those who remortgaged, it’s...
RICS Survey Reveals First House Price Growth in Two Years – A Turning Point for Home Buyers
The UK housing market is showing signs of recovery after two years of stagnation. According to the latest RICS UK Residential Survey for September, house prices have risen nationally for the first time since October 2022, marking a key turning point for buyers and...
Mortgage Works and Halifax Announce Rate Cuts of Up to 0.35% and 0.30%
HSBC has introduced a sweeping range of reductions to its residential and Buy-to-Let (BTL) mortgage products, effective from Thursday, 3rd October. This move offers an opportunity for both new and existing mortgage customers to benefit from reduced rates across...
Bank of England Holds Interest Rates Firm at 5%
The Bank of England has decided to keep interest rates steady at 5%. This decision comes as the bank pauses its efforts to ease financial pressure on households. The monetary policy committee (MPC) voted 8 to 1 against lowering rates again, citing ongoing concerns...
Nationwide Stuns Market with Bold 0.25% Mortgage Rate Cut
Nationwide Building Society is set to implement significant mortgage rate cuts from today, Friday, 13 September 2024, providing a substantial boost to first-time buyers and home movers. With reductions reaching up to 0.25 percentage points, the changes primarily focus...
Mortgage Borrowing Hits Two-Year High as Interest Rate Cuts Revive Market Confidence
Mortgage borrowing has reached its highest level in nearly two years, fueled by recent interest rate cuts. The Bank of England reported 62,000 mortgage approvals in July, the most since September 2022, indicating that many prospective buyers were waiting for better...
Halifax Raises Loan-to-Income Limit to 5.5x, Offering Greater Support for First-Time Buyers
Halifax is making it easier for first-time buyers to get a mortgage with a new update starting Thursday, August 29. They are raising the maximum Loan-to-Income (LTI) limit to 5.5x. This change is available to those with a household income of £50,000 or more, a...
Halifax Now Welcomes Non-Sterling Currencies for Mortgage Applications
Halifax has done some significant changes and modifications to this new version of the product, to address the concerns of brokers and customers. The lender has expanded its list of acceptable foreign currencies, now recognizing income in five additional currencies:...
UK Inflation Rises to 2.2% in July, Marking First Increase of the Year
The UK's inflation rate has risen for the first time this year. It is now 2.2% for the year to July. This little rise placed it slightly above the Bank of England's 2% target. This figure has held since May. This rise was not out of the blue. They mostly fell due to...
Interest Rate Cut Sparks 0.8% Jump in UK House Prices, Defying Economic Predictions
House prices have risen slightly. In July, the average price was £291,268, according to Halifax, a top UK mortgage provider. This marks a 0.8% above the rate in June and which takes the value of an average property to more than £2,200. The rise is slightly higher than...
The Bank of England cuts interest rates for the first time in more than four years.
Base rate cut to 5% as inflation remains low and level-headedBorrowing costs are unlikely to decline sharply in several months, the Bank of England Governor said on Thursday, after the key rates were cut for the first time in 2020. To recap, the central bank cut the...
Mortgage Rates: How Do UK Interest Rates Impact You and When Will They Decrease?
Interest rates influence mortgage, credit card, and savings rates for millions of people across the UK.In June, the Bank of England maintained rates at 5.25% for the seventh consecutive time, even though inflation had decreased to its 2% target. Some economists...
The Bank of England reports that mortgage repayments are expected to increase for three million households.
Approximately 400,000 homeowners are projected to see their mortgage payments rise by more than 50%, according to the central bank's financial stability report. The Bank of England has stated that around three million UK households will face higher mortgage...
Labour Election Reaction: Focus on Development and Growth
Following its landslide election win, the property industry is urging the Labour Party to fulfill its promises regarding planning reform and increased housebuilding. The City's reaction to Keir Starmer's victory has been positive. On the FTSE 100 index,...
Bank Predicts Mortgage Costs to Increase for 3 million Homeowners
The Bank of England reports rising mortgage and rent costs impacting household savings and financial resilience, while UK banks remain well-positioned to support despite global uncertainties.According to the Bank of England, approximately three million households will...
Moneyfacts Report: Rate Hikes Outpace Cuts Among Lenders
Lenders are increasingly raising rates, with some reducing them and others withdrawing products. New and attractive mortgage deals are also entering the market.This week, the number of lenders raising rates on selected fixed mortgages significantly outpaced those...
Labour Proposes Mortgage Guarantee for First-Time Buyers
Labour pledges to make permanent a scheme for low-deposit mortgages, aiming to fulfill the dream of home ownership for first-time buyers.Labour has announced it will make permanent a scheme designed to ensure low-deposit mortgages are available for first-time buyers...
Average UK house prices rise following previous decline: ONS
The annual inflation rate for average UK house prices was 1.8% (provisional estimate) in the 12 months leading up to March 2024, compared to a revised estimate of -0.2% in the 12 months leading up to February 2024.This information is based on the latest data from the...