The property company had predicted in November that it expected the average price of a home to drop by 3% this year because recent hikes in the BoE base rate had heightened the affordability pressures on prospective buyers A decline in mortgage rates has prompted a forecaster to reverse its forecasts of a drop in UK house prices in 2024, instead suggesting the average cost of a property could increase by £61,500 over the next five years. The property company Savills had predicted in November that it expected the average price of a home to drop by 3% this year because recent hikes in the BoE b ..read more

Most banks have now gotten rid of cashbacks and other incentives and stopped trying to aggressively compete with one another, in order to boost their profitability Mortgage holders are facing a lack of strong competition from the country’s major lenders, creating a shortage of good deals, while at the same time higher interest rates and high living costs push more households behind on repayments. Westpac revealed in its half-year results on Monday that mortgage competition had tempered in a trend that is good for bank profitability but bad for customers looking for new loans or refinancing ol ..read more

The new product addresses a growing need from mortgage brokers who say current products are too restrictive when supporting skilled workers from overseas who are looking to borrow money to buy a home Nottingham Building Society has introduced a new mortgage solution designed to support the growing number of foreign nationals who work in the UK and are looking to own a home. The new product addresses a growing need from mortgage brokers who say current products are too restrictive when supporting skilled workers from overseas who are looking to borrow money to buy a home. Most notably, it does ..read more

The securitisation, which is a residential mortgage-backed security (RMBS), consists of prime UK buy-to-let mortgage loans in England and Wales Molo and Colcap UK have successfully completed their first securitisation, totalling nearly £300 million, known as Molossus BTL 2024-1. The securitisation, which is a residential mortgage-backed security (RMBS), consists of prime UK buy-to-let mortgage loans in England and Wales. Macquarie Bank and Standard Chartered Bank acted as joint arrangers and Macquarie Bank, Standard Chartered Bank, and Citigroup acted as joint lead managers. Colcap Financial ..read more

It was the first month-on-month drop since August, after a flat September and six successive rises UK house prices dropped month-on-month in April, according to the country’s biggest building society Nationwide, reversing the recent rebound. The average price across the UK was £261,962. It was the first month-on-month drop since August, after a flat September and six successive rises. That was still 0.6% higher year-on-year. It comes after mortgage rates edged back up in the late winter and early spring, as markets readjusted to central banks’ “higher for longer” tone after an exuberant price ..read more

Banks and building societies authorised 61,325 home loans, up from 60,497 in February and the most since September 2022 Britain’s housing-market recovery continued into March as mortgage approvals rose for a sixth month, according to Bank of England figures. Banks and building societies authorised 61,325 home loans, up from 60,497 in February and the most since September 2022. Economists had expected 61,500. Unsecured credit, including credit card debt, rose £1.6 billion, slightly higher than forecast. Buyers are being lured back into the housing market by a brighter economic outlook and incr ..read more

Annual property price growth reached 1.9% in February this year, having slumped as low as -4.1% in October 2023 Demand among buyers for smaller homes helped to drive growth in UK property prices in the early months of 2024, as per the latest research by Halifax. At a national level, annual property price growth reached 1.9% in February this year, having slumped as low as -4.1% in October 2023. In cash terms, prices are up by £5,318 over the last year and are only £7,801 below the high logged in August 2022. Despite the challenging economic environment, such is the growth seen in property pric ..read more

In the year to February, the average price of a flat rose by 2.7%, while the average terraced property value rose by 2.6%, according to Halifax Prices for smaller homes like flats have been rising at a faster rate than larger properties amid affordability constraints, according to a major bank. Halifax said there has been a switch in demand, reversing the “race for space” that was seen during the coronavirus pandemic as buyers searched for larger homes. In the year to February, the average price of a flat rose by 2.7%, while the average terraced property value rose by 2.6%, according to Halif ..read more

Retail demand is stronger in London compared to other regions, while industrial property demand continues to be positive across most areas The UK commercial property market has seen modest gains in the first quarter of 2024, despite ongoing challenges, according to the latest survey from the RICS. Tenant demand rose by 4% in the first quarter, up from a -7% net balance at the end of 2023, with industrial sectors showing the most robust growth since the third quarter of 2022 at a net balance of +14%. Office spaces also saw a rise in demand, the first since early 2022. Nevertheless, demand for ..read more

The latest figures should alarm the nearly 1.6 million mortgage holders expected to renegotiate their agreements by year’s end Around half a million UK mortgage holders are projected to miss a payment within the next six months, as per new data from AI-driven financial communication platform Eligible. The latest figures should alarm the nearly 1.6 million mortgage holders expected to renegotiate their agreements by year’s end, indicating that many could be pushed towards greater financial instability. Over the past year, nearly 670,000 have already missed a mortgage payment, Eligible noted. A ..read more