Author: Ivan Walter
UK Construction Drops by 21% in 2024
The UK construction industry has seen a sharp 21% decline in the start of new projects in 2024 compared to the previous year – this is particularly troubling considering the country’s significant need for more houses. According to research from Glenigan, a company that provides insights on construction, many construction projects have been scaled back…
Mortgage Rates Still Rising
In the past six months, we’ve seen interest rates for savings and loans go up and down. Moneyfactscompare.co.uk has reviewed the average rates for savings and mortgage rates to see how they’ve shifted over time. Since November 2023, the average rate for a two-year fixed mortgage has dropped from 6.29% to 5.91%, and a five-year…
Top Investment Opportunities in Dubai
Dubai is an exceptional city that has sprouted from the desert and continues to expand at an astonishing rate. The city’s rapid development, characterized by towering skyscrapers, upscale dining venues, hotels, tourist attractions, and opulent properties, offers promising investment opportunities. Dubai stands out as a premier investment location due to its favourable business conditions and…
Marie Curie Advocates for Protection of the Grieving in Renters Reform Bill
The end-of-life care charity Marie Curie is urging for changes to the Renters (Reform) Bill to shield people who’ve recently lost a loved one and rent their homes. Each year, an estimated 300,000 individuals in England and Wales have to relocate because they’ve lost someone in their household. The issue has intensified, with those who…
New DIY Lettings Platform for Landlords Hits the Market
Hello Neighbour, a new DIY Lettings Platform for UK landlords, has just launched! This new platform puts landlords in the driver’s seat of the rental process, providing them complete independence while offering them support and assurance from the Hello Neighbour team to ensure a fully compliant letting experience, all at a cost of £200. Landlords…
11 Golden Rules for Buying Investment Properties
If you’re eager to dive into buying investment property, begin by setting aside 1% of your property’s worth each year for upkeep. Expect to put down a 15-25% deposit for a mortgage. Operational expenses are typically 35% to 80% of your income. Target a 10% return on your investment to boost returns. Want more advice?…
Essential First-Time Buyer Mortgage Guide | UK First-Time Buyers
When looking for a first-time buyer mortgage, it’s important to explore the full range of options available on the market. Since a first-time buyer mortgage is typically the largest financial obligation you’ll take on, finding the best deal is vital. By reading this all-encompassing page of advice, tips and tricks from mortgage experts, you’ll learn…
UK house prices should return to growth in next year, Rics survey shows
A recent industry survey expects that UK house prices will start to increase again in the coming year thanks to more properties being put up for sale and a rise in buyer interest. The Royal Institution of Chartered Surveyors’ (Rics) monthly report found that in March, property prices stopped their downward trend, which had been…
Almost 50% of UK Homebuyers Open to Islamic Mortgage, Says Finance Firm
Close to half of the homebuyers in the UK (45%) are open to the idea of getting a mortgage that adheres to Sharia law, even though there are concerns about Islamophobia in the country. More than a third (37%) of homebuyers in the UK find Sharia-compliant lenders appealing because they avoid putting money into industries…
Mortgage product choice reaches 16 Year high
There was a rise in mortgage product availability this past month, with 6,307 options now available, the highest number of mortgage products available to borrowers since February 2008. The average rate for a two-year fixed mortgage has gone up slightly in the past month to 5.8%, according to a study by Moneyfacts. The Moneyfacts UK…
Southwark Tops List for Most Vacant Homes in London
Southwark has been identified as the London borough with the most unoccupied properties in 2023, revealing 5,143 vacant homes, according to data from SBA Property Management. These unoccupied homes together are worth an impressive £2.77 billion, placing Southwark third in valuation across all London boroughs. Despite this, Southwark boasts popular destinations such as Borough Market…
Bank of England cautioned about high UK interest rates and fixed-rate mortgages
The International Monetary Fund is advising the Bank of England to consider the large number of British homeowners with fixed-rate mortgages when making decisions about interest rates. The IMF suggests not keeping rates high for an extended period. According to the IMF, many borrowers haven’t felt the sting of rate hikes yet, but tougher policies…
Mortgage Rate Drop
The UK mortgage scene has recently undergone a positive change, bringing good news for those looking to buy homes or invest in property. A competitive battle among key mortgage providers has led to falling mortgage rates, making it easier for people to own a home and bringing a fresh wave of enthusiasm to the property…
Doubts Among Mortgage Experts Regarding Yorkshire Building Society’s 99% LTV Mortgage
The new 99% LTV mortgage offering by Yorkshire Building Society, requiring only a £5,000 deposit, has led to scepticism from experts at Mojo Mortgages and uSwitch. This mortgage option allows the purchase of homes up to £500,000 with a 99% loan-to-value ratio. However, the product is not applicable to flats or newly constructed homes. Mojo…
Inflation to fall back to 2% target in Q2
The inflation rate in the United Kingdom is projected to decrease to the Bank of England’s long-term goal of 2% during the second quarter of 2024. However, this reduction may only be brief, as the Bank suggests inflation could climb once more subsequently. Reasons for a potential resurgence in the inflation rate include escalating shipping…
Current UK Mortgage Rates
Are you considering purchasing a home and curious about the UK’s latest mortgage rates? Mortgage rates offered by lenders are frequently updated. We provide a weekly refresh of the average mortgage rates and show their changes from the previous week. It’s also possible to compare rates across different loan to value (LTV) ratios. Recent Developments…
50% Increase in Mortgage Arrears in Just One Year
The total amount of overdue mortgages soared to £20.3 billion during the last quarter of 2023, marking a steep 50.3% increase compared to 2022. This figure was significantly lower the previous year, at £13.5 billion, highlighting the financial struggles faced by homeowners. Lending costs have jumped significantly due to the Bank of England hiking the…
Bank of England Chief Economist Says Interest Rate Reduction Not Imminent
The top economist at the Bank of England has indicated that a decrease in interest rates is not likely to happen in the near future. Speaking at Cardiff University Business School on Friday, Huw Pill stated that he wants stronger proof that the UK’s Consumer Price Index (CPI) inflation’s consistent element is decreasing sufficiently for…
The Chancellor Removes Stamp Duty Benefit and Lowers Capital Gains Tax
During his 2024 Budget Statement, Chancellor Jeremy Hunt has declared a drop in capital gains tax from 28% to 24%. He anticipates that this adjustment will lead to an increase in property deals and, consequently, tax revenue. In addition, the Chancellor has stated that stamp duty relief for the purchase of second properties will be…