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House Prices Record First Annual Decline Since 2012
UK house prices have recorded their first annual drop since 2012 due to heightened economic pressured, however, the average house price remained virtually unchanged at £286,532, down slightly from April’s figure of £286,662.
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Swap Rates Level Off As Lenders Re-Launch Products
Last week saw a sharp rise in swap rates following negative Bank of England (BoE) and Office for National Statistics (ONS) announcements but data gathered earlier today shows 2, 5 and 10 year Swap Rates have levelled off as lenders re-launch products with increases between 0.35% and 0.5%.
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Mortgage Product Numbers Fall As Lenders Pull Deals
The number of residential mortgage products has fallen by almost 7% from 5,385 deals to 5,012, while the number of buy-to-let mortgages has decreased by 14% from 2,748 deals to 2,343 in the last week which is having the predicted impact on mortgage rates with the average rates on a two and five year fixed
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Lenders Withdraw Products Following Swap Rate Volatility
Several lenders have been forced to withdraw their mortgage products over the last 24 hours in the face of ongoing Swap rate volatility and the adjustment funding markets are making in anticipation of further increases by the Bank of England (BoE). The changed expectation follows the release of data from the Office for National Statistics
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Headline Inflation Falls but Mortgage Rates Predicted to Rise
The Office for National Statistics (ONS) confirmed inflation has eased to 8.7% in April down from 10.1% in March, following a recent peak of 11.1% in October 2022. The easing has been attributed to gas and electricity price changes while other categories such as recreation, alcohol, tobacco, communication and transport increased. Although headline inflation has
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Case Study – Fire Damaged Property
The Client A client had an initial enquiry to purchase a fire damaged property at auction. The client was looking to purchase the property for £67,000 and carry out £20,000 of restoration work to bring the property back to the original condition when it was built in 2014. At the time, the client had enough
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BoE Increase Base Rate By 0.25% To 4.50%
The Bank of England (BoE) has today raised interest rates for the 12th consecutive time by a further 0.25% taking the Base Rate from 4.25% to 4.50% pushing the rate to it’s highest level since 2008.
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Skipton Building Society Launch 100% Mortgage
Skipton Building Society have launched a 100% mortgage product at 5.49% fixed for 5 years without the need for a guarantor. The lenders qualifying criteria includes the following:
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BoE Increase Base Rate By 0.25% To 4.25%
The Bank of England (BoE) has today raised interest rates by a further 0.25% taking the Base Rate from 4.0% to 4.25% in their eleventh consecutive increase in a further attempt to control increasing inflation.
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