Mortgage rates should fall following the Bank of England’s decision to keep its key interest rate on hold, brokers say.
House prices fell at their fastest annual rate in 14 years in August, according to the Halifax, as rising mortgage rates affected the market.
The number of houses sold in the UK this year is on track to be the lowest since 2012, according to property website, Zoopla.
Housing is more affordable than a year ago, according to the UK’s biggest mortgage lender, but high mortgage rates mean it is still a stretch.
Some mortgage borrowers who only pay the interest on their loan are being “overly optimistic” about their ability to clear their final debt, data shows.
Britain’s housing market is in its worst state since the financial crisis, the Royal Institution of Chartered Surveyors (Rics) has said, as high property prices and mortgage rates trigger a slump in sales. House price falls in July were more widespread than at any point since 2009, according to RICs’ UK residential market survey of […]
House prices have been falling in recent months. What is happening to house prices around the UK?
UK house prices dropped at their fastest annual rate for 14 years in July, according to Nationwide.
Mortgage rates fall for first time since May
Mortgage costs have hit the highest level for 15 years after the rate on a two-year fixed deal surpassed the peak in the aftermath of the mini-budget.