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As a result of the unruly buyer market Bellway said it expects the average selling price of a home in the next financial year to be around £295k down from £310k in 2023.
The rate of defaults is expected to increase as customers struggle under the weight of higher borrowing costs.
Mortgage rates have continued falling in the UK even as yields on government bonds have increased.
New mortgage approvals fell to the lowest level in six months while approvals for remortgaging plummeted as rising interest rates dented the mortgage market.
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.
New arrears cases accounted for 16 per cent of total outstanding balances, which was roughly constant to the previous quarter.
Shares in Vistry jumped 15 per cent this morning after the housebuilder said it will now solely focus on building affordable homes.
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 [...]
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 [...]
The average price of a home fell by 1.9 per cent in August, the biggest dip for the month since 2018, following a season of surging mortgage rates which led sellers to slash the prices of their homes in order to secure a sale. During the tail end of the summer the cost of a [...]
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