Blog
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Lending on properties with cladding
Some of the country’s largest banks will consider mortgage applications for some flats with dangerous cladding from January, in a sigh of relief for thousands of people stuck in properties they have not been able to sell or remortgage. Lenders withdrew mortgage provisions for unsafe flats following the Grenfell Tower disaster,…
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A relatively soft landing is achievable for the housing market in 2023, says Nationwide
The residential property market is struggling to regain momentum following the disastrous mini-Budget in September but a ‘soft landing’ is still possible, according to Nationwide. The lender is predicting property prices will drop by around 5% next year, which is rather modest compared to projections made by some other market…
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Banks set to ease mortgage lending rules as part of major overhaul
Mortgage lending rules look set to be relaxed as part of the biggest shake-up of UK banking regulation for more than 30 years. The government is widely expected to announce a major overhaul of financial controls, including easing of restrictions on banks introduced after the financial crisis in 2008 when…
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Rates could come down according to some reports
Mortgage interest rates have continued to fall since the Bank of England increased the base rate earlier this month. Mortgage lenders have been reducing rates on their mortgage products in recent weeks after pricing in larger base rate hikes following former prime minister Liz Truss’ unfunded tax cut announcements. Fresh…
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Rishi Sunak pulled a vote on the UK government’s housebuilding plans
Rishi Sunak pulled a vote on the UK government’s housebuilding plans last night as dozens of Conservative MPs threatened the first major rebellion of his premiership. Some 47 Tory MPs signed an amendment to the Levelling-Up and Regeneration Bill that would have banned the imposition on local councils of mandatory…
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Chancellor to reverse stamp duty cut as he announces higher taxes and spending reductions
Chancellor Jeremy Hunt has just finished delivering his statement on the economy in the House of Commons. He has announced tens of billions in tax rises and spending cuts. Here are the key announcements: UK now in recession With forecasts predicting the economy will shrink by 1.4% next year the…
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House Prices
Asking prices for residential properties across the UK are falling and there are signs that the fallout from the mini-Budget bond market rout is weighing on first-time buyers, Rightmove said yesterday. According to the latest data provided by the property portal, asking prices for homes dropped 1.1%, or by £4,159…
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Property transactions face delays as Land Registry votes for strike action
Property transactions face potential new delays after the Land Registry and the Registers of Scotland were among the 125 government departments to vote for strike action this week amidst ongoing disputes over pay, pensions, jobs, and redundancy terms. Strikes are set to begin next month and could last until mid-2023,…
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Increasing concern about an exodus of buy-to-let landlords
In a new series of meetings, Move iQ’s Phil Spencer heads up a People in Property Regional Panel Chat, looking at current issues with Propertymark Agents across the UK. Watch below. Agents Stephen McCarron, Derry-based NAEA Propertymark president, David Votta, Kent-based ARLA Propertymark president, Tania Dutnell from Cardigan Bay Properties in…
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Rents set to increase
Rent increases this year have failed to keep pace with the general surge in the cost of living, but that could soon change, warns a specialist rental platform. New market analysis from Ocasa suggests that the average rent bill in this country could reach as much as £2,270 per calendar…
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Council Tax hikes
Households could face significant increases in council tax under a plan understood to be under consideration by chancellor Jeremy Hunt and prime minister Rishi Sunak as they explore new options to fill near £60bn black hole in the government finances. Hunt’s autumn statement on 17 November is expected to set…
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YOUR GUIDE TO THE PROPOSED CHANGES TO SECTION 21 AND SECTION 8
The “A Fairer Private Rented Sector” white paper outlines the government’s plans to outlaw section 21 and “replace section 21 ‘no fault’ eviction notices with a modern tenancy system”. This includes strengthening grounds for section 8. WHAT IS SECTION 21? Landlords can currently evict their tenants under section 21 of…
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Stamp duty cut remains but new chancellor reverses almost all other tax measures
Jeremy Hunt, the new UK chancellor, has junked the bulk of his predecessor Kwasi Kwarteng’s tax cuts in an effort to calm markets. The chancellor is reversing almost all tax measures announced in the growth plan three weeks ago that have not started parliamentary legislation, he has just said in…
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Mortgage defaults set to rise as ‘golden era’ of cheap deals ends
The number of mortgage defaults are expected to increase over the next few months, according to the latest Bank of England data, while the volume of new loans will continue to fall amid warnings that the “golden era” of cheap deals is coming to a halt. The UK central bank’s…
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Greater protections for homebuyers come into force today
rom today customers buying a new build home can benefit from increased protections in the event of any issues they have with their new home or disputes with their developer. A new code of practice will put significantly more requirements on builders in terms of how they treat their customers…
