Tag: uk

House prices in the UK were largely flat in June, down just 0.2% on a monthly basis, the latest Halifax House Price Index has found.

On an annual basis, house prices were up marginally, with growth of 1.6%, similar to the 1.5% recorded a month prior.

The average house price now stands at £288,455, down slightly from £288,931 in May.

The strongest property price growth was recorded in Northern Ireland, where growth of 4% was seen in the year to June and on a monthly basis, houses rose 3.3%.

The average price of a property in the country is now £192,457. 

Of England’s regions, the North West saw the greatest house price rise, up 3.8% annually to an average of £231,351.

Read More

Tory voters lost faith in the ability of Rishi Sunak’s party to manage the housing market ahead of the election, figures reveal.

A results breakdown shows the Conservatives haemorrhaging support to Labour and the Liberal Democrats in seats with the most mortgage holders.

It came despite inflation falling to the 2 per cent target and rate cuts expected this summer.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said mortgage holders were ‘unconvinced’ that Sunak’s plan to fix the economy was working.

The Bank of England began to hike rates in late 2021 to bring rising prices under control.

But the mini-budget unveiled by Liz Truss – who has now lost her seat – sent borrowing costs up in September 2022.

Rates are still at a 16-year peak of 5.25 per cent, which has piled on financial pressure.

Read More

The report says: “This marks the fifth consecutive month of rises. These rates remain slightly lower compared to December 2023. The average two-year fixed rate is slightly higher compared to January 2024.”  

Read More

Three more mortgage lenders have announced they are cutting mortgage rates, in another shift downwards for home loan costs.

Barclays, HSBC and Yorkshire Building Society have all reduced their rates, following Santander and Halifax earlier this week. 

Yorkshire BS has cut its mortgage rates by up to 0.2 percentage points.

Both HSBC and Barclays’ rate changes mean they offer some of the lowest interest rates on the market.

HSBC is offering a 4.39 per cent five-year fix to those remortgaging with at least 40 per cent equity in their home. The deal comes with a £998 fee. 

For those buying with a 25 per cent deposit, HSBC is now offering the lowest rate on the market.

Read More

Mortgage rates between 3.5% and 4.5% will be the “new normal” even after base rates begin to fall, says the head of the UK’s biggest home loan lender.  

“We have just come off a decade where mortgages have been in the 1.5% and 2.5% range,” Lloyds Banking Group chief executive Charlie Nunn told Sky News.  

“The expectation that markets have is that interest rates won’t get below 3.5% — and that means that the new normal for mortgages will be in that 3.5% and 4.5% range.”  

Nunn warned that these rates will not come to market until the Bank of England begins a series of base rate cuts.  

The base rate has remained at a 16-year high of 5.25% since last August. The last time the central bank cut rates was in March 2020. 

Read More