Blog
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Bank of England’s Bailey expects interest rates to fall
The governor of the Bank of England, Andrew Bailey, has said he expects interest rates to fall, albeit gradually, which will be welcome news for thousands of mortgage borrowers. Bailey said he was “very encouraged” by falling inflation and “therefore I do think the path for interest rates will be…
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Mortgage price war hots up as Barclays undercuts Nationwide with new low rate
Barclays will today launch a range of new mortgage products, including a new lowest home loan rate on the market, just 24 hours after Nationwide released the first sub-3.75% deal. Barclays will today introduce a five-year fix at 3.71% for those buying their home with a 40% deposit. The deal…
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New portal launches inviting estate agents to list properties for free
A new property portal called NI Bricks has launched in Northern Ireland. To commemorate the launch, estate agents are being invited to join NI Bricks’ platform with the opportunity to list properties for free for up to three months. Founded in November last year and launched this week, NI Bricks…
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Mortgage rates cut for buyers with small deposits
Major lenders have introduced further mortgage rate cuts across fixed deals. Nationwide Building Society, NatWest and TSB have all lowered their mortgage products, including high loan-to-value (LTV) home loans aimed at buyers with low deposits. The latest announcements follows fresh in the wake of Barclays and TSB who cut mortgage…
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Bank of England are set to cut interest rates again
The Bank of England is expected to cut interest rates again this year in what would be a welcome move for buyers, sellers, and of course, estate agents. UK estate agents have already reported more buyer interest after last month’s BoE rate cut, with buyer enquiries increasing significantly in recent…
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Mortgage rates set to come down
Lenders are continuing to drop the cost of their mortgages as speculation grows that the Bank of England could opt to cut the interest rate for the first time in four years next week. Earlier this week, Nationwide reintroduced sub-4% fixed rate mortgages as it cut rates by up to 0.25% across…
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Property completions 40% below ‘normal market conditions’
Property listing volumes are averaging 6% higher than in Q2 2019 (used as the benchmark year), meaning that supply is the strongest it has been in years. However, transactions are struggling to progress through to completions, reflecting the ongoing affordability issues driven by high interest rates, new figures show. Landmark’s…
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What does today’s King’s Speech mean for housing?
he new Labour government’s plans for the year ahead will be read out by King Charles in a speech to Parliament today. The speech is expected to outline around 40 draft laws ministers intend to introduce in the coming months, following Labour’s victory at this month’s general election. Measures relating…
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Property transaction time ‘becoming increasingly tedious and lengthy’
With the time taken to exchange contracts on a property continuing to lengthen, Propertymark has produced a new report, ‘A Dickensian legal process’, to explore the reasons for the growing delays. Propertymark’s Housing Insight Report reveals that in March 2016, 78% of transactions progressed from offer acceptance to exchange of…
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Mortgage shelf-life drops and lenders increase rates
The average shelf-life of a mortgage has dropped to 15 days, down from 28 days a month earlier, the latest Moneyfacts UK Mortgage Trends Treasury Report data shows. Month-on-month rises to the average two- and five-year fixed mortgage rates were more modest, with average mortgage rate rises up by 0.02%,…
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New pledge to ban Section 21 evictions as renters promised three-year tenancies under proposals
Renters would by default get three-year tenancies in new agreements under plans in the Liberal Democrats’ manifesto. Party leader Sir Ed Davey pledged a “fair deal for renters” as he outlined the Lib Dems’ proposals for government yesterday. They also include a ban on Section 21 evictions and a national…
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Tories offer tax breaks for landlords and help for home buyers
The Conservatives will put their offer to homebuyers and property investors when their election manifesto is published today. Landlords are being offered tax breaks by Rishi Sunak as he attempts to encourage investment in the housing sector and boost the supply of much-needed housing in the PRS. The prime minister…
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Law Society faces no confidence vote over changes to ‘Material Information’ forms
The row between the Property Lawyers Action Group (PLAG) and the Law Society over property information forms which have been redesigned to support NTS guidance on ‘Material Information’ in property sale listings intensified this week. PLAG is disappointed with The Law Society’s decision to release a new TA6 property information…
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Landlords call for measures to enforce tenant financial responsibility
A survey by Leaders Roman Group (LRG) to gauge attitudes on the Renters (Reform) Bill has revealed that landlords are less worried about the legislation itself and more concerned with financial pressures such as high mortgage rates, the cost of bureaucracy and regulations, increased taxes, the cost of overheads such…
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What will the general election mean for the property market?
On Wednesday, the Prime Minister, Rishi Sunak, announced that a General Election will be held on Thursday 4th July 2024. Parliament will be dissolved next Thursday, May 30th. As you might expect, the announcement has prompted speculation from various quarters as to what impact the upcoming election might have on…
