For Generation Insecurity, the British dream has turned sour November 1, 2019 My 14 year old son is in a band. He loves playing to his classmates and studying GCSE music. Bizarrely (for me), he’s quite into Queen and eighties songs, which I joke with him was the same stuff I was listening to when I was his age. Intergenerational humour apart, it got me thinking about [...]
New rules announced to help UK mortgage prisoners October 28, 2019 The City watchdog has removed barriers to help trapped mortgage customers switch to a better deal. The Financial Conduct Authority (FCA) today confirmed the introduction of new rules to help so-called mortgage prisoners, which are consumers who would benefit from switching but are unable to change to a more affordable mortgage despite being up-to-date with [...]
Legal Q&A: Should I invest in an apartment building with exterior cladding? October 25, 2019 The Grenfell Tower fire in 2017 brought into sharp focus the fire risks posed by flammable external wall systems known as ‘cladding’. From a buyer’s perspective the presence of cladding will impact a number of areas, not least the ability to obtain a mortgage, potential remedial costs and the future saleability of the property. Commonly, [...]
Housing market ‘in limbo’ as London house prices drop 1.4 per cent October 16, 2019 London house prices booked a steep 1.4 per cent annual drop in August as UK house prices grew at a lower level than last year, according to the latest data. While UK house prices posted annual growth of 1.3 per cent to beat that of 0.8 per cent in July, growth dipped below last year’s [...]
First time buyer mortgages hit 12-year high October 15, 2019 The number of first time buyer mortgage completions in August soared to the highest level since before the financial crisis. There were 35,010 mortgage completions for new buyers – an increase of 0.7 per cent on August last year – reaching the highest level since 2007. Read more: Mortgage approvals grow despite Brexit uncertainty Andrew [...]
UK house prices grow at slowest rate for six years October 7, 2019 UK house prices grew at their slowest annual rate in six years in September, a closely-watched gauge has revealed, as Brexit uncertainty continues to smother activity in the sector. Read more: UK house prices: Brexit holds back September growth House prices grew by just 1.1 per cent over the last year, undershooting economists’ expectations of [...]
The hurdles holding back home ownership October 3, 2019 There is good news and bad news when it comes to the numbers of first-time buyers in 2019. The good news is that, despite existing homeowners taking a more cautious approach in this uncertain political and economic climate, sales are up almost six per cent compared to this time last year. However, the positive statistics [...]
UK consumer credit growth slows to five-year low September 30, 2019 British customers increased their borrowing at the slowest rate since 2014 in August, official statistics showed today, in a sign that Brexit uncertainty is weighing on consumer confidence. Read more: Pound staggers as Bank of England hints at interest rate cut The annual growth rate of lending to British consumers continued to slow in August, [...]
Thomas Cook: Former workers ‘will not receive pay packets as usual’ on Monday September 24, 2019 Thomas Cook staff have been told they will not receive their wages as usual on Monday, according to union sources, after the travel giant went bust yesterday. The 178-year-old firm collapsed under the weight of a £1.7bn debt pile early yesterday morning, after weeks of frenzied attempts to negotiate a rescue deal with its lenders. [...]
All you need to know about shared ownership leases September 23, 2019 The legal side of buying a home can be daunting, especially for first-time buyers – but property solicitors and conveyancers are available to help. Lesley Price, head of shared ownership at Lawcomm Solicitors offers her tips for making sure you get solid legal advice, and have a good understanding of the terms of your lease. [...]