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,…
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…
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…
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…
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…
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…
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…
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,…
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…
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…
Latest news and updates
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…
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…
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…
