House sales fall by 16 per cent amid increase in mortgage rates – as industry looks at shoots of recovery September 29, 2023 The number of house sales fell by 16 per cent in August compared with the same month a year earlier, according to provisional HM Revenue and Customs (HMRC) figures. An estimated 87,010 home sales took place across the UK last month, which was 16 per cent lower than in August 2022 but 1% higher than [...]
Mortgage and remortgage approvals fall as higher interest rates hits property market September 29, 2023 New mortgage approvals fell to the lowest level in six months while approvals for remortgaging plummeted as rising interest rates dented the mortgage market.
UK recovery from Covid pandemic stronger than expected, ONS figures show September 29, 2023 The UK economy grew slightly faster in the first quarter of this year than previously expected meaning it is now 1.8 per cent larger than it was pre-pandemic.
426,000 first-time buyers could vanish from property ladder by 2027 September 28, 2023 As many as 426,000 fewer first-time buyers in England could get on the property ladder between this year and 2027 compared with the long-term average, a building society predicts. Leeds Building Society, in partnership with specialist advisers WPI Strategy, analysed first-time buyer affordability between 1982 and 2022, and how the challenges of buying a first [...]
Evergrande: Shares suspended with future of China property giant uncertain September 28, 2023 Trading in shares of Evergrande have been suspended with the chairman under police watch and the balance sheet under stress
Perenna raises £42.7m in latest funding round September 28, 2023 Another $52m (£42.7m) in funding has been raised for new British lender Perenna. The latest funding was led by Perenna’s strategic investor, Silverstripe Investment Management, among others, and is only part of its $90m grand funding total since 2020. The bank is one of a kind to the UK market given that it does not [...]
London’s housing affordability crisis is also a business problem September 28, 2023 “As a society,” the CNN journalist Luke McGee said on X/Twitter yesterday, “we need to address the fact that a semi-detached in Walthamstow is now a million quid.” Attached to the post was a fairly average looking 4-bedroom flat about five minutes walk from the tube, currently available on Rightmove for the low, low price [...]
Average five-year fixed mortgage rate slides down towards six per cent mark September 27, 2023 The average five-year fixed-rate homeowner mortgage is edging closer to falling back below the six per cent mark, according to figures from a financial information website.
London sees 24 per cent drop in first-time buyers as high mortgage rates bite September 27, 2023 London experienced a 24 per cent decline in the number of first-time buyers entering the market in the last year as high mortgage rates crush home-ownership dreams.
Gen Z will work hard, but not while stressed millennials stay home September 26, 2023 Gen Z have been lumped with the blame for empty offices, but it is a generation overburdened with housing worries and childcare concerns who have given up the commute, writes Eliza Filby