Michael Gove’s housing department hands £1.9bn back to the Treasury in ‘blow to developers’ July 12, 2023 Michael Gove’s department returned £1.9bn of housing money to the Treasury claiming it was unable to spend it, leaving industry insiders baffled. The sum comprised money to pay for new house building projects, including affordable homes, and to conduct building safety remediations. Joshua Bond, founder and managing director of Bond Land, called Gove’s move “the [...]
Nearly one million UK homeowners to have £500 a month eaten up by higher mortgage payments July 12, 2023 UK homeowners are poised to hand over a bigger chunk of their income to their lenders every month after they roll on to a new mortgage with a much higher interest rate, the Bank of England has warned today. By the end of 2026, around 1m families will be paying an at least additional £500 [...]
House prices: Buyers playing ‘wait and see’ on purchases rattles confidence July 10, 2023 Property portal On The Market has warned of a challenging outlook for the year ahead as aggressive rate rises have led buyers to “wait and see” on house purchases whilst the market remains unsettled. The estate agent, which operates similar to Rightmove and Zoopla, told investors this morning that stubborn inflation and the high cost [...]
Labour mortgage summit amid brewing repayments crisis July 9, 2023 Labour are set to hold crunch talks with mortgage brokers this week amid a brewing repayments crisis. Shadow chancellor Rachel Reeves has pledged homeownership will be the core of her ‘securenomics’ philosophy as she claimed Labour is now the party of house buyers. Reeves and shadow levelling up secretary Lisa Nandy will attend the summit [...]
London house prices fall at fastest rate since 2009 as rising rates dents demand July 7, 2023 UK house prices fell for the third consecutive month with properties in London and the south east coming under the most pressure. According to the Halifax House Price Index, the average house price fell by 0.1 per cent from the month before, taking the average price to £285,932. This means that over the last year, [...]
London life back on top as country homes drop in price July 3, 2023 Soaring interest rates have softened the prices of luxury homes outside of London, according to new data, in a signal that the ‘move to the country’ trend fuelled by the pandemic is showing signs of slowing. The average value of luxury homes across UK markets outside of London – broadly the top five per cent [...]
Higher interest rates tipped to accelerate UK house price decline in quiet week for City July 3, 2023 Higher interest rates are set to accelerate UK house prices’ decline, new figures in what will be a quiet week for markets are expected to reveal. Analysts at consultancy Oxford Economics reckon Halifax’s house price data on Friday will show they dropped 2.5 per cent over the last year and 0.1 per cent over the [...]
Rate pain takes its toll as home sales tumbled almost 30 per cent in May June 30, 2023 Home sales tumbled by 27 per cent in May compared with the same month a year earlier, according to HM Revenue and Customs (HMRC) figures. Across the UK, 80,020 transactions were recorded in May 2023, which was also 3 per cent lower than in April 2023. HMRC’s report said the big fall compared with May [...]
House price growth faces ‘significant drag’ from rate rises but London remains ‘buoyant’ June 30, 2023 House price growth may face “significant drag” from high interest rates as fresh figures show they remained relatively stable in June despite yearly growth being negative. The latest Nationwide House Price Index show house prices remained broadly flat in June, but down 2.5 per cent compared to last year, owing in part to 13 successive [...]
Housing market reeling after BoE hike interest rates in fresh blow for mortgage holders June 22, 2023 Prospective buyers and homeowners looking to reinstate fixed rate or tracker deals on their homes were met with a fresh blow this afternoon following the central bank’s decision to hike interest rates for the 13th time in a row in efforts to cool soaring inflation. It is expected that the decision will lead high street [...]