Bank of mum and dad ‘one of UK’s biggest mortgage lenders’
Parents spend so much money to get their children onto the housing ladder that they are now among the biggest lenders in the UK, a survey suggests. The average parental contribution for homebuyers this year is £24,100, up by more than £6,000 compared to last year,...
Lenders decline a third of customers using comparison sites – Experian
Lenders reject 33 per cent of customers as they do not meet their full lending criteria, according to data from Experian. Its analysis also found that just 3.5 per cent of people searching for a mortgage were eligible for every deal on the market. According to...
Does a local Lidl really bring down house prices?
Houses near a Waitrose are worth 12% more than average – and now three of its supermarkets have been sold to Lidl. But the discounter’s arrival might not be all bad news … Waitrose has sold off three of its supermarkets to Lidl, sparking a wave of...
Leasehold reform is ‘inevitable’
The Association of Leasehold Enfranchisement Practitioners (ALEP) believes that leasehold reform is higher on the political agenda than it has been in a generation. The government has already published its proposals to reform the sector, and a recent Labour...
Lenders ‘strong enough’ to keep lending through a no-deal Brexit ‒ BoE
Photo by George Rex. The Bank of England has admitted the chances of a no-deal Brexit appear to be rising, but argued that UK lenders are in a sufficiently strong position to continue their lending “through the wide range of UK economic and financial shocks” that may...
New surveyors’ scheme sets quality standards in residential surveying 12/06/2019
The Residential Property Surveyors Association (RPSA) is launching a unique standards scheme for independent residential surveyors that sets new quality and performance targets for the industry. Launching the Certified Building Surveyor Scheme at its annual...
Use pensions to fund first-time buyer purchases, says housing secretary Brokenshire
Housing secretary James Brokenshire MP has proposed that first-time buyers should be allowed to dip into their pension pots to fund deposits for buying a home. The MP for Old Bexley and Sidcup was offering “some personal ideas” to Conservative party leadership...
House prices up 5% in year to April
New property price data shows robust rises over the last year, but why are the monthly figures so erratic? House prices in the three months to April were 5% higher than in the same three months a year earlier, said Halifax – a robust and surprise increase in a market...
Buying vs renting – which is cheaper?
The gap is closing but who is better off by £366 a year - tenants or homebuyers? The gap between the cost of buying a home and renting one is down 59%, to its lowest level in nine years, according to Halifax. Buyers are now saving an average £366 a year compared to...
Government unveils strict landlord rules for electrical safety
Landlords offering private rental accommodation will have to comply with new rules for electrical inspections, or face ‘tough financial penalties’ under government plans. Mandatory electrical checks must in future be carried out by competent and qualified inspectors,...
Which region saw the strongest growth in house prices in 2018?
With average prices rising by over £12K in 2018, this region is far outpacing London The West Midlands was last year’s regional house price winner, according to Halifax, recording a robust rise in house prices of 6.5%, compared to 5% in 2017. The region also boasted...
Number of registered homebuyers falls to six-year low
Brexit uncertainty is impacting the housing market, with supply, demand and sales all suffering Demand from prospective buyers its lowest level for the month of November since 2012, according to NAEA Propertymark. The trade association for estate agents said that the...
Low deposit deals fall to record low rates
Borrowers without a large deposit are benefitting from a wider choice of deals and lower rates The average two-year fixed rate for borrowers with just a 5% deposit is at a record low, according to Moneyfacts. The financial information provider said that two-year fixed...
Borrowers on SVRs could save £4,500 in mortgage interest a year
How switching mortgage could save you £4,500 a year More than two million mortgage borrowers sitting on standard variable rates (SVR) could save a typical £4,500 a year by moving on to a better fixed rate, analysis has shown. Mortgaged homeowners on SVR deals usually...
Budget 2018: Hammond adds £500m to housing infrastructure fund
Chancellor Philip Hamond has detailed the numbers his government has promised to spend in the pursuit of building more houses. “I can announce today a further £500m for the housing infrastructure fund to unlock a further 650,000 homes,” Hammond said as he delivered...