Mortgage interest relief changes, the scrapping of the ‘wear and tear’ allowance and the introduction of the 3% stamp duty surcharge have hit landlords’ profits over the past few of years, which largely explains why so many people are exiting the buy-to-let market and in doing so reducing the supply…
👉You don’t have to set any New Year resolutions but if the new year tends to be the time that you set new goals or projects for yourself, here is what the science says about willpower and how to make those new changes stick: Our ability to force ourselves…
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,…
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The supply of homes for sale has hit a five year high with 20% more homes on the market versus last year, new day data from Zoopla has revealed. Compared to spring 2022, the property websites says supply has improved the most in Cornwall (+159%), North Kesteven, Lincolnshire (+155%) and…
There are promising signs for rate watchers hoping for an earlier interest rate cut, with new data pointing to a cooling economy. UK inflation has fallen to its lowest level in two and a half years, as price pressures continue to ease. The consumer prices index has dropped to 3.2%…
Estate agents would have to go back to school and achieve minimum level of qualifications as part of Labour plans to drive cowboy operators out of the housing market. Labour’s shadow housing minister Matthew Pennycook has tabled an amendment to incoming housing reforms which would require all estate agents to…
