Falling mortgage rates over H1 2023 boosted sales and led to firmer prices. This is set to reverse in H2 as higher mortgage rates hit buying power at a time when sellers are having to accept larger discounts to asking prices.
Property news
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As lenders withdraw some of their products, we take a look at what’s triggered the current turmoil in the mortgage market and what buyers and homeowners can do.
The Bank of England’s latest increase adds a further £60-a-month to repayments for homeowners with a £200,000 variable mortgage.
Core inflation rose to a new 31-year high in May, suggesting the Bank of England will have to increase interest rates by more than previously expected.
Annual rental inflation for new lets is up 10.4% year-on-year, with rents taking up the highest proportion of earnings in a decade at 28%. Meanwhile, 51% of landlord sales are happening in London and the South East.
In a fiercely competitive rental market, where costs are rising and too few homes are available, what can renters do?
Nearly a third of landlords are being hit by higher mortgage rates, risking a further squeeze on the number of rental homes available.
To buy a home in the UK, first-time buyers are saving between £26,400 and £144,500. Find out how much people are saving to buy a home in different areas of the UK.
House price growth expected to be greater in affordable rural areas and slower in city centres, says leading economist at Office for Budget Responsibility.
