Mortgage
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More than 25,000 first-time buyers in England are set to miss the stamp duty deadline, new data reveals – at a total cost of £34m. From 1 April, the threshold at which first-time buyers start paying the tax will drop to £300,000 from £425,000 – meaning many more will be liable. The stamp duty threshold…
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US property and casualty insurance stocks fell in premarket trading today after wildfires continued to devour thousands of buildings in Los Angeles. Insurers are expected to face catastrophe-related claims worth billions of dollars from the disaster, which analysts estimate will be the costliest ever in California. “We expect insured losses to run well into the…
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Almost 29% of all residential property sales failed to complete in 2024, according to data from Quick Move Now. The top reason for failed sales was buyers withdrawing after a survey or attempting to renegotiate the purchase price (27%), it says. Buyers changing their minds (24%) and difficulties securing a mortgage (22%) were also among…
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Cash buyers are paying an average of £28,000 less for properties than those purchasing with a mortgage, data analysis has shown. Those able to buy their homes outright secured between a 9% and 13.4% discount compared to their mortgage-holding counterparts, MPowered Mortgages found. It said the accelerating property market has allowed cash buyers to argue for better…
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The number of renters put at risk of homelessness by landlords selling their home has increased by a third since the end of last year, according to analysis. Between April and June, 7,130 privately rented households in England qualified for council support to prevent homelessness after their landlord decided to sell the property. This was…
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The government has admitted it could take up to five years to reform what it called a “feudal” leasehold system. Housing minister Matthew Pennycook said Labour’s pledge to give 4.8 million leaseholders more rights and protections was “a whole of Parliament commitment” in an interview with LBC. Labour previously promised to act quickly to ban…
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More landlords are selling up in London, with the number of buy-to-let properties up for sale hitting a 10-year-high. Analytics company TwentyCi found 22% of all newly listed homes in July had been available to rent in the last 10 years. This compares with 15.6% in July 2023. Across the rest of the UK, the…
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The energy price cap limits what utility companies can charge customers for a daily standing charge and each kilowatt-hour of gas and electricity they use. Regulator Ofgem releases the cap quarterly and estimates how much the average household would typically pay over a year at the new unit price. This figure, £1,717, assumes a household…
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More now on the increase of the price cap. The chief executive of Ofgem, Jonathan Brearley, has admitted the increase is going “to be extremely difficult for many households”. “Anyone who is struggling to pay their bill should make sure they have access to all the benefits they are entitled to, particularly pension credit, and…
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In a reversal of trends from 2022, which saw a five percent drop, Australian home prices rose significantly in 2023. However, high inflation and interest rate hikes have slowed growth through the year’s final months. According to data from property consultant CoreLogic released this week, national house prices increased by 8.1 percent in 2023, well…
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Yorkshire Building Society has become the latest lender to confirm it will cut mortgage rates, with full details to be announced next week. It comes after HSBC unveiled reductions to its range on Wednesday, including a five-year deal below 4%. First Direct, a division of HSBC, is also expected to announce mortgage rate cuts on Friday…
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Lender Virgin Money has seen shares soar by more than a quarter despite scrapping its dividend payout after a £385 million hit for payment protection insurance (PPI) pushed it deeper into the red. The group – formerly known as CYBG – revealed that statutory pre-tax losses widened to £232 million for the year to September 30 from £164 million the…
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For America’s working poor, an often essential ingredient for getting and keeping a job – having a car – has rarely been more costly, and millions of people are finding it impossible to keep up with payments despite prolonged economic growth and low unemployment. More than 7 million Americans are already 90 or more days…
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