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People warned not to use ‘cowboy’ foam insulation firms…

People are putting their homes at risk by using rogue companies that offer spray foam insulation, according to one of the UK’s largest mortgage providers. Nationwide Building Society says thousands of pounds worth of damage can be caused if it is wrongly installed. The lender says it expects enquiries about spray foam to “skyrocket” as […]

UK house prices forecast to fall for the next two years…

UK house prices will fall for the next two years before starting to rise again, according to the government’s official forecaster. A drop of 9% is expected between now and autumn 2024, the Office for Budget Responsibility (OBR) has said. That will be a relief to some potential first-time buyers following a period of sharp […]

Persimmon reports sales and price fall as property market dips…

Sales and prices of new-build houses have fallen and cancellation rates have risen in recent weeks at Persimmon, in further evidence the property market is entering a downturn. The company, one of Britain’s biggest housebuilders, said demand had waned and uncertainty had risen in the past six weeks, as rising mortgage costs and a looming […]

House prices: What happens when they fall???

The Bank of England has increased interest rates to 3%, which will feed through into higher mortgage costs. Before the latest rate rise, some lenders were reporting house price falls. But is this just a blip or the start of a bigger drop? What happens when house prices fall? Falling house prices have the biggest […]

Lloyds predicts UK house prices will fall 8% next year…

UK house prices will fall by 8% next year and then almost stagnate for the following four years, Lloyds Banking Group has predicted. The UK’s biggest mortgage lender, which runs the Halifax brand, gave a gloomy outlook for the UK economy. It has set aside £668m to cover bad debts as rising interest rates make […]

Mortgage rates hit fresh 14-year highs…

Mortgage rates have continued to climb, hitting their highest levels in 14 years, figures show. Average two-and five-year fixed rates jumped to 6.65% and 6.51% respectively as UK borrowing costs remained elevated amid continued economic uncertainty. One analyst warned mortgages were a “long way” from beginning to come down. It comes as the Bank of […]

Housing slowdown warning after mortgage rates rise…

There have been fresh warnings of a housing slowdown after the number of people struggling to pay mortgages was forecast to hit a 15-year high… House sales in September hit their lowest levels since the height of the pandemic, the Royal Institute of Chartered Surveyors (RICS) said. Rising mortgage rates will drive house prices down […]

Property sales collapse at fastest rate since pandemic…

Property sales are falling through at the fastest rate since the Covid-19 housing market shut down because of soaring mortgage rates. The share of agreed sales collapsing before completion jumped to 29.3pc in September, up from 27pc in August, according to TwentyCi, a data company. This was the highest level recorded since April and May […]

Estate agents brace for 10pc house price fall…

Soaring mortgage rates will cause house prices to fall by 10pc over the next two years, one of Britain’s most high-profile estate agents has warned. Soaring mortgage rates will cause house prices to fall by 10pc over the next two years, one of Britain’s most high-profile estate agents has warned. A storm of inflation, rocketing […]

Mortgage lenders halt some deals after pound falls…

Some mortgage deals have been withdrawn by banks and building societies after a fall in the pound fuelled forecasts of a sharp rise in interest rates… Virgin Money and Skipton Building Society halted mortgage offers for new customers, but said submitted applications would still be processed. Halifax said it would stop mortgages with product fees. […]