UK house prices drop by 0.8 per cent as ‘softening’ of growth at weakest since 2009 September 1, 2023 Nationwide said house prices are now 5.3 per cent below their August 2022 peak, while the average property value is now £259,153.
Property sales down 16 per cent in July as reduced lending rates fails to stop hesitancy August 31, 2023 The number of property sales taking place in July was 16 per cent lower than it was in the same month last year, as reduced lending rates failed to allay prospective buyers' hesitancy.
Mortgage approvals sink in July as market continues to cool on rising rates August 30, 2023 The number of mortgage approvals fell sharply in July as the housing market continues to cool off the back of rising interest rates.
UK housing sales on track to sink to lowest level since 2012 August 30, 2023 The number of housing sales completed over 2023 is on track to sink to its lowest level since 2012, when Britain was still reeling from the financial crash, as higher borrowing costs continue to decimate the market. Sales are also set to be 21 per cent down on last year, according to new data from [...]
Mortgage lending falls by a third as borrowers avoid bank switch stress tests August 29, 2023 Increasing pressure on the housing market drove down activity in mortgage lending and led to changes in the market, new data out today shows. According to UK Finance data, lending for house purchases in the second quarter stood around 30 per cent lower than the same period last year. The industry body said this stemmed [...]
Two thirds of home buyers in London getting help from Bank of Mum and Dad August 28, 2023 Over two-thirds (67 per cent) of all homeowners in London receive parental support to purchase their homes, a report released by Legal and General (L&G) has shown. ‘Bank of Family’ recipients in London received £30,200 on average to support their transaction, only beaten by those in the East of England who received an average of [...]
Will the tail-end of summer mean more pain for the UK housing market? August 26, 2023 August, like much of the summer, has already proved a tricky month for the housing sector. Despite all major central banks slashing their rates in the wake of cooling inflation, buyer confidence still appears to be low. Last week’s Rightmove figures showed that the average price of a home fell by 1.9 per cent in [...]
Consumer confidence shows ‘renewed optimism’ against falling core inflation August 25, 2023 Consumer confidence is showing “renewed optimism” against a backdrop of falling core inflation, figures suggest. GfK’s long-running Consumer Confidence Index improved five points in August, with all measures reversing the drop seen in July, although it remains firmly in negative territory at minus 25. Confidence in the general economic situation for the next 12 months [...]
Who’s really to blame for your car insurance getting more expensive? August 24, 2023 Ask anyone who has renewed their car insurance this year and they will tell you it has gone through the roof. But who, or what, is to blame for the surge in prices?
Homes more affordable but borrowers stretched by rising mortgage costs August 23, 2023 The cost of a typical house is 6.7 times average earnings in Britain despite the recent slowdown in the property market, according to new figures. Mortgage lender Halifax said this is down from a record high of 7.3 times average earnings last summer, when a UK home cost an average £293,586 and the average annual [...]