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The number of remortgages in January 2018 reached a nine-year high while the number of first-time buyers and home movers both increased compared to the same period in the previous year, UK Finance’s latest mortgage trends update reveals.
We know that first time buyers are finding it harder than ever to get a foot on the property ladder and are increasingly turning to friends and family to help out. However, when you consider that 66% of first time buyers in England are in the two highest income bands, we look at why it has become so tough to buy a first home.
After the latest comments from the Bank of England, financial analysts think a rise in the Bank's base rate from 0.5% to 0.75% in May has become much more likely, with another one expected to follow in the Autumn.
UK Finance’s mortgage trends update for November 2017, released today, reveals steady increases in mortgage lending for first-time-buyers and home movers compared to the previous month and the equivalent period in 2016. Read the News Release here.
So, the Bank proved it could be a "reliable boyfriend" and did what it suggested it would.
Increasing interest rates became almost inevitable after the governor, Mark Carney, announced on BBC Radio 4's Today programme in September that, if economic growth kept on track, then "you could expect interest rates to increase".
Interest rates could rise in the "relatively near term" the Governor of the Bank of England has told the BBC.
In the clearest indication yet that there could be a rate rise as early as November, Mark Carney suggested that it was time for the bank to "ease its foot off the accelerator".
Buy to let has been a hot topic in recent years. Growth was fuelled by dinner party landlords looking for better returns on their cash, and the topic became a news item in its own right.
This rapid growth put buy to let on the radars of both politicians and regulators, and the last couple of years have seen a raft of new measures intended to slow down growth. Some measures have been implemented – stamp duty, personal tax changes - and some are still to come; we are preparing for yet more regulatory changes in October. This has led to some market commentators questioning the market’s future. But is this fair?
A decade ago, just 2.7 per cent of mortgages were 35-year terms or more. But these longer contracts have been increasing in popularity, and during the first quarter of this year, 16 per cent of homeowners took out 35-year terms.
From the pretty Georgian terraces of Clifton to the graffiti-covered streets of Stokes Croft and the colourful waterfront - Bristol is a city as diverse as its inhabitants. And those inhabitants will likely currently be feeling rather smug as Bristol has just been crowned the best place to live in the UK in 2017.
Over the past five years, the average UK city house price has risen by 32% from £169,966 in 2012 to its highest ever level of £224,926 in 2017. In comparison, average city annual earnings over the same period have risen by only seven percent to £32,796.
British banks approved the most mortgages in a year last month and consumer borrowing saw some of its fastest growth of the past decade, industry data showed on Friday, contrasting with earlier signs of slowing momentum.
The latest research from conveyancing panel management services provider, LMS, has shown that the total value of remortgage lending reached £65.7bn over the course of last year - an increase of 21% against 2015
Written by a global leader in assurance, tax, transaction and advisory services, this guide provides information about tax changes for Buy to Let landlords in 2016 and key considerations for their business.
According to the latest report from mortgage industy tech supplier, IRESS, the buy to let sector continues to go from strength to strength, seeing a 49% increase in buy to let compared with it's 2015 Survey.
Mortgage lending was up by 12 per cent compared to the same month last year. First-time buyers led the way, borrowing £5.5bn, up 28 per cent as compared to May, and up 25 per cent on June 2015. More loans were given out to first-time buyers than at any other time since August 2007.
Lending to buy to let investors borrowing via limited companies grew in the first half of the year according to the results of the H1 2016 Limited Company Buy to Let Index. The number of lenders and products available to limited company borrowers also increased.
British consumer credit expanded at the fastest annual pace since 2005 in May and lenders approved more mortgages than expected ahead of the EU membership referendum, Bank of England data showed on Wednesday.
They almost became extinct in the wake of the credit crunch, and were once branded a “ticking timebomb” by the City regulator. However, interest-only mortgages have begun moving back into the mainstream.
British house prices are set for their first fall in nearly four years over the next few months as the European Union referendum and a new tax on landlords turn buyers away, property valuers said on Thursday.
Buy-to-let landlords should face new limits on the amount they can borrow, the Bank of England has proposed. It suggested that lenders should be much stricter when deciding whether or not to grant landlords a mortgage.
The average asking price for a home in England and Wales passed 300,000 pounds for the first time in March, property website Rightmove said on Monday, as buyers rushed to beat a property tax rise which comes into force next month.
New analysis from national estate agent Jackson-Stops & Staff has found that the proposed reform to stamp duty for second homes, amounting to a 3% surcharge, will fail to have the intended effect of deterring prospective buy-to-let investors due to house price inflation.
Responding to the HM Treasury consultation on the 3% surcharge on Stamp Duty Land Tax (SDLT) proposals for second properties, the Council of Mortgage Lenders urges reform of the implementation plans, to mitigate potentially negative impacts on the housing market as a whole.
Housing demand was propelled in an "unusually buoyant" December 2015 for the property market amid a frenzy of last-minute activity by buy-to-let investors clamouring to beat an imminent hike to stamp duty. That was according to the Royal Institution of Chartered Surveyors (Rics).
The joys of the Autumn Statement… Last year there was good news for buyers of residential property in that from 4 December 2014 the ‘slab system’ of stamp duty (SDLT) taxation was replaced with a ‘progressive’ one. This had been long campaigned for and dealt with the inequities in the tax, and the distortions it caused in the property market. It was however unexpected.
Home owner and buy-to-let activity have both continued the upward trend seen last month, and the market looks set to finish the year strong, despite taking time to gain momentum after a slow start to 2015
The UK Government has announced an increase in Stamp Duty Land Tax (SDLT), with an additional 3% rate to apply to the purchase of additional properties, such as buy-to-let and second homes. The new rate will come into effect from 1 April 2016.
George Osborne, the UK chancellor, announced in Wednesday’s Autumn Statement the “biggest housebuilding programme since the 1970s”. This included 400,000 new affordable homes in England by 2020, a 3% stamp duty increase for buy-to-let and second home buyers, and a new help-to-buy scheme just for London. The measures are aimed at tackling the “crisis in home ownership in Britain”.
A new poll in which over 100 estate agents throughout Britain were asked to find out which improvements and renovations added the most value and which would offer the greatest return on investment to an average three bedroomed house has released its results.
British mortgage lending increased by the greatest amount since 2008 after lenders approved the largest number of mortgages in more than a year and a half, adding to signs Britain's housing market is heating up.
Prime property price growth in Bristol has outperformed the wider prime market in the UK so far this year. Such outperformance has been driven by demand from buyers for homes in prime urban locations close to good schools, good infrastructure and amenities.