Mortgage and remortgage approvals fall as higher interest rates hits property market Mortgages New mortgage approvals fell to the lowest level in six months while approvals for remortgaging plummeted as rising interest rates dented the mortgage market.
Lettuce remember: One year on from Liz Truss’ disastrous mini-budget UK POLITICS One year on from the mini-budget, City A.M. takes a look at the fallout and asks whether Truss still has the ability to influence the Conservative Party going forward.
Brits face mortgage crisis as number in arrears climbs to highest this decade Banking New arrears cases accounted for 16 per cent of total outstanding balances, which was roughly constant to the previous quarter.
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.
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 [...]
House prices: August sees biggest fall since 2018 as signs of crash mount August 21, 2023 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 [...]
House prices rise 1.7 per cent – but Brits advised they will keep coming down August 16, 2023 Average UK house prices increased by 1.7 per cent in the 12 months to June down from a revised 1.8 per cent in May 2023, but property experts are warning this won’t continue for long. New figures from the Office for National Statistics show the cost of a home in the UK is £5,000 more [...]
Mortgage and rent payments ‘difficult’ for almost 40 per cent of Brits August 11, 2023 Some 38 per cent of Brits have confessed to finding it difficult to afford their rent or mortgage payments over the past month, as the cost of living crisis continues to wreak havoc on the public’s personal finances. This figure was around 29 per cent in early August 2022, new figures from the ONS show, [...]
Arrears continue to rise as higher rates pour pain onto borrowers August 10, 2023 Arrears continued rising in the second quarter as customers struggled with soaring repayment costs, new data shows. According to figures from industry body UK Finance, there were 81,900 homeowner mortgages in arrears of more than 2.5 per cent in the second quarter, seven per cent more than the previous quarter. Within this, 30,940 mortgages were [...]
Rents likely to continue rising sharply despite cost of living crisis August 10, 2023 Rents are likely to continue rising sharply despite the cost of living crisis, surveyors are warning. Property professionals’ expectations that rents will rise in the next few months are at the strongest levels seen so far this century, the findings from the Royal Institution of Chartered Surveyors (RICS) indicate. A net balance of 63 per [...]