Over 65s hold £2.6TRILLION worth of housing wealth, Savills say

Over 65s hold a record-high £2.6trillion worth of net housing wealth, new research suggests. About £2.2trillion is held as equity by owner-occupiers over 65, many of whom are mortgage-free, the findings by Savills claim. Many of these over 65s would have faced significantly higher interest and mortgage rates when buying a home than seen currently … Read more

Offset mortgages: How do they work and is linking savings to your home loan a good idea?

Mortgage rates have risen sharply over the past six months, leaving over a million homeowners facing higher monthly payments this year when their existing fixed deal comes to an end.  For those with substantial savings in the bank, an offset mortgage could be one way to reduce those costs. We take look at how this … Read more

House price growth slows to just 1.1%, according to Nationwide

The average home has tumbled almost £15,500 in value since house prices hit a peak in late summer, according to Britain’s biggest building society. The average house now costs £258,297, 5.6 per cent less than the £273,751 recorded in August, but property values remain 12.4 per cent higher than two years ago, according to Nationwide’s … Read more

Earn money by spotting a derelict property

Earn money by spotting a derelict property: Sharp-eyed residents could help themselves to a nice financial reward By Rachel Rickard Straus, Financial Mail On Sunday Published: 21:50 GMT, 10 December 2022 | Updated: 09:51 GMT, 11 December 2022 Sharp-eyed residents could earn themselves a nice financial reward by reporting derelict houses in their neighbourhood to … Read more

UK mortgage borrowing down £2bn in October, BoE says

Britons are increasingly putting their home buying or moving plans on hold and stashing their cash in fixed term savings as the cost of living crisis bites, new data has revealed. Net mortgage borrowing by individuals fell from £5.9billion in September to £4billion in October, according to the latest Bank of England figures. Mortgage approvals … Read more

Average five-year fixed mortgage rate falls below 6% for the first time since September

Average five-year fixed mortgage rate falls below 6% for the first time in nearly two months as lenders drop their rates from October’s peak Five-year fixed rate average is now 5.95%, down from 6.32% on 1 November Two-year fixed average is 6.13%, down from 6.47% at the start of the month  Lenders including Santander have … Read more

Average UK property price hit record £289k in May, Halifax says – but growth is slowing

The average house price in the UK hit a record high of £289,099 in May, but the market is showing signs of cooling, according to new figures from Halifax. The average price tag for a home jumped by £2,857 month-on-month in May, with prices rising one per cent. This was the eleventh consecutive monthly increase … Read more