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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 […]

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 […]

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 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 […]

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 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 […]

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 […]

Some mortgage deals have been withdrawn by banks and building societies after a fall in the pound fuelled forecasts of a sharp rise in interest rates… Virgin Money and Skipton Building Society halted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. […]

The share prices of Britain’s largest housebuilders have fallen by around 5% to 6% following the market reaction to last week’s mini budget. Prices fell from Friday afternoon, following the drop in the value of the pound after Kwasi Kwarteng tax-cutting budget. Shares in Persimmon fell 6.4% from Friday afternoon to this morning. The drop […]

The government has announced a cut to stamp duty, the tax paid when people buy a property in England and Northern Ireland. The threshold at which the tax falls due has been raised to £250,000 from its current £125,000 level. Meanwhile the threshold for first-time buyers has been increased from £300,000 to £425,000. The changes […]