Economic growth to pick up but risks to recovery ‘elevated’, say UK forecasts
Households and firms can expect more financial pain despite Britain dodging technical recession, says KPMG Britain will be left with deep scars from the pandemic despite narrowly escaping a second recession within three years and growing signs of an economic pick up, according to new forecasts. A new report by the accountancy firm KPMG has […]
Mortgage turbulence continues as HSBC pulls deals and Nationwide raises rates – business live
HSBC temporarily removes mortgage products for new customers, as borrowers face higher rates HSBC temporarily withdraws mortgage deals for new borrowers The UK’s cost of living crisis has driven down sales on the high streets, which turned negative for the first time in more than two years Total like-for-like retail sales, combining in-store and online, […]
UK house prices experience annual fall for first time in decade, data shows
Price of average home in May was 1% lower than in same month last year, according to Halifax figures UK house prices have experienced their first annual fall in more than a decade, according to Halifax, in a sign that the impact of soaring interest rates on household budgets has brought a halt to the […]
Housebuilders cut back on construction as UK mortgage rate rises spook buyers
Work on residential building sites slips in May to weakest level since 2009 UK banks pull hundreds more mortgage deals as fixed rates rise Britain’s housebuilders are cutting back on the construction of new homes amid signs that potential buyers are being spooked by the prospect of increases in mortgage rates over the coming months. […]
UK banks pull hundreds more home loan deals as fixed mortgage rates rise
Mortgage market turmoil prompts record numbers of people to take out loans of more than 35 years Hundreds more home loan deals have been pulled by banks and building societies since the end of last week while rates on new fixed mortgage deals are continuing to ratchet upwards, the latest data reveals. The continuing turmoil […]
Mortgages: UK lenders continue to raise rates and pull deals
Record 19% of all loans taken out by first-time buyers in March were for 35 years or longer Business live – latest updates Mortgage market misery has stepped up for homebuyers as lenders continue to increase borrowing rates and pull deals, prompting record numbers to take out loans of more than 35 years in an […]
Biggest drop in UK annual house prices since 2009, with market ‘facing strengthening headwinds’ – business live
Nationwide reports that UK annual house price growth fell to -3.4% in May, from -2.7% in April, but hopes for a ‘soft landing’ Chris Druce, senior research analyst at estate agent Knight Frank, says further interest rate increases will act as a ‘brake’ on the housing market: “With fewer transactions at the start of the […]
Agreed house sales in UK at highest point this year, says Zoopla
But property website warns that rebound in activity could be hit by rising mortgage rates More prospective house sellers are returning to the UK’s property market, pushing agreed home sales to their highest point of the year in May, according to Zoopla, although it warned that the rebound in activity could be knocked by rising […]
UK homeowners and first-time buyers warned to brace for 5%-plus mortgage rates
Lenders forced to raise fixed-term deals after latest inflation figure pushed swap rates upwards Households looking for a new mortgage deal have been warned to expect 5%-plus fixed-rate deals in the coming weeks, after Wednesday’s inflation figures sent the money markets back into turmoil. Nick Mendes, the mortgage technical manager at the broker John Charcol, […]
Inflation calculator: find out how much UK household price rises affect you
This online tool will help you discover what is contributing to your household’s cost of living increases Inflation has been soaring in the UK, with people being hit by higher prices for everyday essentials. The latest inflation rate for the 12 months to April 2023 means that goods and services cost more than 8.7% more […]