Since mortgage rates began rising, many of the nine million mortgaged households in the UK and close to two million landlords have been faced with the prospect of much higher payments.
Many had become accustomed to ultra-low interest rates for more than a decade.
In this six-part series, we look at how much more people are really paying when they take out a new mortgage, how households are coping and if a mortgage crisis is afoot.
Here we look at
I currently own a one-bed leasehold flat in London and I’m looking to take a two-month sabbatical to go travelling in July.
I’m planning to rent my flat out on Airbnb to pay for my expenses abroad.
How can I effectively set things up so that I can easily manage lettings from abroad? My main concerns are access, cleaning in between stays and safeguarding my personal possessions.
I’m also wondering if I will be in breach of anything by using
New build homes divide opinion. Some argue they are more likely to be hassle-free and cheaper to run, while others think they are overpriced, small and poorly built compared to their second hand counterparts.
The former camp seem to be in the majority at the moment. According to Zoopla, two thirds of buyers either want a new home, or would consider buying new.
But there is a perception that new homes are more expensive than the second hand market, and
Crime fiction writer Sharon Birch, 58, and her partner Stephen are desperate to downsize from their five-bedroom townhouse in Seaton Carew, Hartlepool.
They are among the almost 90 pc of people aged over 65 who are rattling around homes that are now too big for them, according to figures from research institute the International Longevity Centre.
But like millions of homeowners who would like to downsize, Sharon and Stephen’s plans are being thwarted by stamp duty, which they say is
Few would claim that last year was a good one to be a first-time buyer.
A temperamental mortgage market saw average two-year fixed-rate deals reach a teetering high of 6.86 per cent in the summer.
This was coupled with uncertainty over house prices, with many experts forecasting that home values would crash due to the high cost of living and rampant inflation.
And to top it off, soaring rents eroded many aspiring first-time buyers’ savings.
Unsurprisingly, the number of first-time
My girlfriend and I are in our mid-30s. The nature of our jobs means we must be based in or close to London, where we both own our own flats with large mortgages.
We’re both well-paid, but have little in the way of savings as we used everything we had to get on the property ladder.
We want to move in together, but are faced with a problem because both our flats have gone down significantly in value since we
Bold interior trends, falling borrowing costs and new opportunities for first-time buyers will bring colour and life back into the property market in 2024.
A bleak 2023 saw the market’s pulse all but stop, as would-be buyers put their plans on hold to wait out the turmoil.
House prices tumbled, affordability was stretched to the limit, the number of first-time buyers fell to a ten-year low and mortgage rates reached dizzying heights.
Experts now say the worst is over, with
When it comes to house prices, the direction of travel has been hard to predict in 2023.
At the start of the year, higher mortgage rates and double-digit inflation had many speculating that the housing market was heading for a major crash.
But as we head into 2024 house prices are down only 1 per cent on this time last year, according to Halifax’s latest index.
With the New Year fast approaching, we decided to ask six experts for their
House prices have defied expectations in 2023.
Higher mortgage rates and double-digit inflation had many speculating at the start of the year that the housing market was in for an almighty crash. However, no crash has materialised.
Currently, house prices are down 1 per cent on this time last year, according to Halifax’s latest index.
Meanwhile, Nationwide figures based on its lending suggest house prices are down 2 per cent year-on-year.
Similarly, Zoopla’s latest house price index says prices have
The Government is planning to scrap the need for planning permission for property owners who want to convert a house into two flats.
Chancellor Jeremy Hunt announced the plan in the Autumn Statement as part of a package aimed at slashing red tape and increasing the number of new homes.
The new rule, known as a ‘permitted development right,’ will apply so long as the external appearance of the building does not change.
But the idea has already proved controversial.
