Interest rates could ‘hit 4 per cent peak’ – Capital Economics
The Bank of England could raise the base rate from 1.75 per cent to a peak of 4 per cent next year, according to a leading economic consultancy. A “potentially huge fiscal expansion” will force the Bank of England to raise interest rates to a peak 4 per cent next...
Thousands of leaseholders to get ground rent refunds
Thousands of leaseholders who paid double ground rent will receive money back, as nine companies remove costly terms from contracts. The firms all bought freeholds from leading housing developer Taylor Wimpey. The freeholds had contract terms that caused rents...
Another 0.5% interest rate hike from BoE more likely than not
A leading economist has warned that the Bank of England (BoE) could increase interest rates by another 0.5% to 2.25% at the next Monetary Policy Committee (MPC) meeting. The warning comes as the number of job vacancies fell for the first time in two years, while...
Inflation rises to 9.4% in June
Inflation in the UK reached 9.4% in June, setting a fresh 40-year record high, according to the Office for National Statistics (ONS). The latest figure is driven by a 42.3% rise in the price of motor fuels year-on-year and an increase of 9.8% in the price of food and...
Asking prices now £55,000 higher than before the pandemic
Zoopla has reported that the average price of property coming to market has hit a new record for the fourth consecutive month, rising to £367,501. This month’s increase of 2.1% (+£7,400) is the highest at this time of year since May 2014, and marks a national jump of...
House prices surged 14.3% in last 12 months
Property prices are now 21% higher than before the pandemic struck in early 2020 Annual house price growth increased to 14.3%, according to Nationwide, from 12.6% in February. The building society said this marked the highest level of growth since 2004, taking the...
Average property price jumps past £350,000: Rightmove
The average price of a property coming onto the market came to £354,564 in March, shows the latest house price index from Rightmove. This 1.7% monthly increase, which compares to 2.3% in February, is the largest recorded for March since spring 2004. It also means that...
Buoyant property market sees biggest monthly jump in asking price
February has seen the biggest monthly rise in house prices — in cash terms — according to the latest Rightmove property index. According to this property index, asking prices in February hit a record high of £348,804 — a rise of £7,785, or 2.3% when compared to the...
Average cost of a UK home is now a quarter of a million pounds
Property prices have risen by 10% in the last year, as the housing market defied the pandemic The price of a typical UK home has topped a quarter of million pounds for first time, according to Nationwide, hitting £250,311 in October. The building society said that...
Bank of Gran and Grandad gifts £437m over stamp duty holiday
The Bank of Gran and Grandad was open for business during the stamp duty holiday, gifting £437.3m towards buying homes for younger relatives over the last 15 months, according to Key. The relief from the tax ends on Thursday, but during that time over-55s have given...
Labour Party pledges to set up building works agency
The Labour Party has pledged to set up a ‘building works agency’ to fund post-Grenfell repairs. Speaking at the Labour Party Conference, Shadow Housing Secretary Lucy Powell said her party has “a plan” to solve the building safety crisis if re-elected. Shadow...
UK house prices to increase by 30 per cent in the next decade
Research by Comparethemarket.com analysed data from the Office for National Statistics (ONS) from 1992 to 2002 and predicted the UK average house will cost £323,718 by 2031. In London, it is expected this could rise by a third to an average of £619,568. This will...
Four action groups to tackle UK housing crisis
Nationwide Building Society is leading an action plan to tackle the UK housing crisis, which it says has been compounded by the pandemic. More than 25 major organisations have come together and formed action groups that will collaborate to help solve existing and...
Nationwide launches sub 1% five-year fix and slashes rates
Nationwide has introduced a five-year fixed rate sub-one percent mortgage product and has reduced rates by up to 0.4 per cent. The product has a rate of 0.99 per cent and is available from tomorrow at 60 per cent loan to value (LTV). It is eligible for customers...
Asking prices in July rose to another all-time-high
Asking prices in July rose to another all-time-high of £338,447 after increasing for the fourth month in a row and swelling by more than £20,000 in the last six months. Over the last six months, asking prices have risen by £21,389 and £2,374 since June making the 0.7...
