Ka-Ching! Brits pay instantly £1.65bn more in interest after today’s Bank of England rate hike September 22, 2022 With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5 per cent to 2.25 per cent, UK households face an immediate increase in interest payments of £1.65bn. Analysis of Bank of England data shows UK households are currently paying £20.25bn annually in interest payments on floating rate debt that are [...]
FCA warns millions of Brits who live in blocks of flats urgently need better protection September 21, 2022 Under a move by the City watchdog to improve how the buildings insurance market operates, the FCA said today that people living in blocks of flats could receive greater protections from high insurance costs. A cross-industry risk-sharing scheme could be set up to limit the risk to individual insurers posed by buildings affected by flammable [...]
Home buyers warned cut in stamp duty will lead to big jump in monthly mortgage bills September 21, 2022 Home buyers could end up paying much bigger monthly mortgage bills if the government goes ahead and scraps or cuts stamp duties. Ahead of Chancellor Kwasi Kwarteng’s mini-budget on Friday, The Times reported that radical plans to cut stamp duty are in the pipeline as part of efforts to boost economic growth. Downing Street refused [...]
Buying in an up-and-coming property hotspot: These are Britain’s hottest housing markets September 18, 2022 Which areas of the UK property market look set to be the next up and coming hotspots for house price growth? Having largely trailed the pack during the pandemic market boom, new sector data was shared with Morning Wire today. Since the start of the pandemic in January 2020, UK house prices have climbed by [...]
Older Brits benefit from £1bn-a-day windfall as over 55s sit on £4.4 trillion in property wealth September 18, 2022 Over 55s have benefited from £1bn worth of property growth every day between the start of the pandemic and June 2022. Analysis of statistics obtained via a request to the ONS shows the extent to which over 55s have managed to exploit the growth in property value since the start of the pandemic. The ONS [...]
1,000 fewer mortgage deals to pick from as hundreds of offers are pulled in just one month September 18, 2022 House hunters and other borrowers across borrowers have close to 1,000 fewer mortgage deals to choose from than they did a year ago, as more than 500 deals have simply vanished since last month. The number of available fixed and variable rate home loans has shrunk to 3,890 – marking the lowest level since April [...]
Property guru: Truss’s energy package has helped housing market from cliff edge September 17, 2022 The Government’s action to limit the impact of energy price rises has helped pull the housing market back from the cliff-edge, a leading property association told Morning Wire this morning. But the National Association of Property Buyers’ (NAPB) does stress further steps are urgently needed to ensure we don’t see a serious downturn in house [...]
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Housebuilder MJ Gleeson’s take-home swells as UK property prices climb September 15, 2022 Housebuilder MJ Gleeson has had its group profit and revenue grow a third over the past year as the average cost of a home climbs. The London-listed firm raked in £55.5m in pre-tax profit and £373.4m in revenue in the 12-months to 30 June, the company reported this morning. The average selling price grew around [...]
Stamp duty cuts and a planning overhaul: Estate agents tell us their housing policy wish list September 14, 2022 With Simon Clarke announced as the new housing minister, we asked top estate agents for their housing policy wish lists Simon Tollit, Partner, Tedworth Property Operating in the luxury residential sector of Prime Central London, the last two years have seen a strong domestic market and more recently London has welcomed back international investors. However, [...]