HOUSING NEWS

Labour and the Conservatives have accused each other of failing to match promises on housing, in what has become a key battleground in the election campaign.

House buyers are putting off purchasing a new home until the Bank of England cuts interest rates, evidence suggests.

UK house prices returned to growth in May after rising by 0.4%, according to Nationwide, as buyers’ confidence was buoyed by wage growth and lower inflation.

Several lenders are reducing their interest rates on new fixed mortgages, offering a glimmer of hope to hard-pressed borrowers.

Hundreds of thousands of homeowners have taken out mortgages in the last three years that they will still be paying off into retirement, estimates suggest.

Anyone thinking of buying a first home or moving to a new one will have watched recent increases in mortgage rates with concern.

Three major lenders have announced they will raise rates on new fixed deal mortgages on Tuesday.

Many homeowners could face higher monthly payments after some of the UK’s biggest lenders confirmed mortgage rate increases.

Prices fell by around 1% in 2023, and further drops could be on the cards

House prices are tipped to bounce back sooner than expected after the number of new buyers entering the market rose for the third consecutive month.