Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
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First-time buyers paying 191% more than parents did in 1990s
My Home Move Conveyancing Director, Alistair Singer, says average earnings-to-house-price ratio has more than doubled from 4.0 to 8.1 adding more pressure than ever on those looking to start their home-owning journey.
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MARKET: Here’s where homes are cheaper to buy than rent, says Zoopla
Across the UK a third of homes for sale are cheaper to buy than rent, with the average first-time buyer saving £93 a month on a mortgage instead of renting.
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Estate agents, your next first time buyer could be over 50!
Earlier this week, new data from the Bank of England revealed that the last quarter of 2021 nearly a third of mortgages had an end date beyond the state pension age.
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SNAPSHOT: Have London’s prime sales and lettings markets recovered?
Sales transactions remain subdued when measured only by exchanges but under offer numbers are improving - but lettings are still not back to pre-pandemic levels, says LonRes.
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Each home sale involves 15 firms, industry expert tells astounded MPs
Kate Faulkner, chair of the The Home Buying & Selling Group (HBSG), told a House of Commons select committee that the property transaction process 'can be fixed'.
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Subsidising weddings could help first-time buyers secure their first property
The Centre for Social Justice has called on the Government to discount the administrative, legal and booking fees of weddings for first-time married couples – saving on average £550 per couple.
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Soaring mortgage costs in the Capital put buying out of reach for thousands
Mortgage costs across the Capital can be be 42% higher than average rental prices – substantially higher than other UK cities like Manchester and Bristol where mortgage costs are only around 20% higher than rent.
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Bank reveals latest interest rate decision
The Bank of England and its Governor Andrew Bailey have decided to freeze the base interest rate again this month, keeping it at 5.25%.
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Will the BoE hold or reduce interest rates today?
The Times' shadow monetary policy committee has voted for the base interest rate to be held while rival economists say a cut is needed.
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Property sales listings hit four-year high, report RICS agents
Despite buyer demand mellowing due to small increases in mortgage rates overall activity for the sales market for 2024 remains positive.
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