Mynest

UK house price growth ‘fastest for almost six years’…

UK house prices are 6.5% higher than a year ago – the sharpest rise for nearly six years, the Nationwide has said. The acceleration came as the housing market remained “robust” despite the economic effects of the coronavirus pandemic, the lender said. House prices were 0.9% higher in November than in October, with the average […]

Safety checks eased to help flat owners ‘in limbo’…

Safety checks that left thousands of people unable to sell their flats after the Grenfell disaster are being eased. Housing Secretary Robert Jenrick said homes without cladding would no longer need an EWS1 external wall safety certificate – which involves a survey. Thousands of people have been refused mortgages on flats because owners have been […]

‘I’m trapped by my mortgage – let me escape’…

Diane, a mother of two, knows what it’s like to be trapped on a mortgage that charges more than double the market interest rate. Over 10 years, she has paid more than £55,000 more in interest than she would have paid on a competitive mortgage. That’s far more than the arrears that she fell into […]

Average UK home costs more than £250,000, says Halifax…

The cost of the typical UK home has risen to more than £250,000 for the first time, according to the UK’s biggest mortgage lender. The Halifax, part of Lloyds Banking Group, said house prices in October were 7.5% higher than a year ago. Demand for bigger homes had risen, with changing priorities and working from […]

House prices climb to record high, says Nationwide…

House prices rose at their fastest rate for five years in October as buyers raced to beat next year’s stamp duty deadline, the Nationwide has said. Annual house price growth accelerated to 5.8%, taking the average price to £227,826, the lender said. At the moment, buyers of homes valued at up to £500,000 in England […]

Long-term first-time buyer mortgages will need big government backing…

There is very little detail on the idea of supporting first-time buyers with small deposits with new long-term mortgages. Mortgages that offer 95% of a property’s value have been a fairly commonplace feature of the market, but have always been more expensive, reflecting their risk. In recent weeks they have spiked in cost, and become […]

Prime minister Boris Johnson has vowed to create ‘Generation Buy’ with a low deposit mortgage scheme that he says could be ‘revolutionary’ for young people…

First-time buyers have been finding it particularly hard to buy a property since the pandemic began as lenders have cut maximum loan to values (LTVs). The stamp duty holiday in England and Northern Ireland was also granted to landlords and second home owners, further squeezing those looking to buy their first home as house prices […]

House price falls of 14 per cent forecast for 2021…

House prices are forecast to fall by 14 per cent next year according to the Centre for Economics and Business Research (CEBR): The fall is expected to come after the stamp duty holiday ends and the full impact of the winding down of the job retention scheme is felt by the economy. House prices are […]

Government pledges to increase number of affordable homes…

The government has announced new measures to help more people get onto the property ladder, as part of a £12.2bn investment in increasing affordable housing. A new shared ownership model would see the minimum initial share to buy in a property reduced from 25% to 10%. People would also be able to buy additional shares […]