Blow for first-time buyers as mortgage repayments surge by two thirds
1 year, 9 months ago

Blow for first-time buyers as mortgage repayments surge by two thirds

The Telegraph  

The cost of a typical first-time buyer's mortgage repayments jumped by almost two thirds last year as families were stung by rising interest rates and a boom in house prices. Buyers purchasing a typical semi-detached house were hit with a £481 increase in their payments in the 12 months to December 2022, according to the Office for National Statistics. A buyer purchasing a semi-detached house in the capital in December 2022 had to pay £1,132 more per month than if they had bought a year earlier. In December 2021, a buyer with a 25pc deposit and a budget of £1,000 a month could have bought a semi-detached house in nearly two-thirds of Britain’s local authorities.

House Month Britain House Prices Buyer Two Thirds  repayments  thirds  mortgage  month  typical  semidetached  house  buyer  firsttime  rates  britains  buyers  surge  increase  2022  blow

History of this topic

Two-thirds of first time buyers pessimistic about finding a home
2 weeks, 1 day ago

Two-thirds of first time buyers pessimistic about finding a home

NL Times  

Over two-thirds of people who want to buy their first home within the next two years are pessimistic about this happening. Some of this group are also frustrated about competing against homeowners who can use their equity when buying, the Telegraaf reports based on an ING study among 1,261 homeowners and first-time buyers who plan on buying a home in …

Average UK house price reached new record high of £298,083 in November – Halifax
2 weeks, 3 days ago

Average UK house price reached new record high of £298,083 in November – Halifax

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. “This should …

New mortgage to help first-time buyers borrow thousands more
2 weeks, 4 days ago

New mortgage to help first-time buyers borrow thousands more

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A building society is increasing the maximum amount that first-time …

What’s really behind the surprise surge in house prices?
3 weeks ago

What’s really behind the surprise surge in house prices?

The Independent  

Sorry to make a soggy start to the week even more miserable, but it brings bad news for homebuyers. Nationwide recently trumpeted itself as the “first major lender to offer first-time buyers ability to borrow six times income, up to 95 per cent loan-to-value”. “The acceleration in house price growth is surprising, since affordability remains stretched by historic standards, with …

Surprise jump in house prices with fastest rise in two years - as experts warn they will continue to increase
3 weeks ago

Surprise jump in house prices with fastest rise in two years - as experts warn they will continue to increase

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy House prices made a surprise jump in November, with experts …

Mortgage pain fuels highest rise in home ownership costs in 30 years
1 month ago

Mortgage pain fuels highest rise in home ownership costs in 30 years

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Soaring monthly mortgage payments are …

Average price tag on a home falls by more than £5,000 in November
1 month ago

Average price tag on a home falls by more than £5,000 in November

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Tim Bannister Rightmove’s director of property science said: “The …

Easing lending rules would make it easier for first home buyers, but would it create financial instability?
1 month, 2 weeks ago

Easing lending rules would make it easier for first home buyers, but would it create financial instability?

ABC  

As the Reserve Bank meets to consider whether to follow in America's footsteps and cut interest rates, housing affordability is again centre stage of the political debate. They point a worsening picture of mortgage stress picture now that the Reserve Bank has raised the official cash rate to 4.35 per cent and variable interest rates are hovering around 6 per …

Number of house sales in pipeline at highest in four years, says Zoopla
1 month, 3 weeks ago

Number of house sales in pipeline at highest in four years, says Zoopla

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy An estimated £113 billion-worth of …

House prices are rising across the UK for the first time in two years
2 months, 2 weeks ago

House prices are rising across the UK for the first time in two years

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} House prices are …

UK’s largest lender to allow first-time buyers to borrow 5.5 times their salary
3 months, 3 weeks ago

UK’s largest lender to allow first-time buyers to borrow 5.5 times their salary

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} First-time buyers will …

Annual house price growth increases at fastest rate since 2022
3 months, 3 weeks ago

Annual house price growth increases at fastest rate since 2022

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Annual house price growth has picked up at the fastest …

London house prices rise for first time in a year
5 months, 1 week ago

London house prices rise for first time in a year

The Telegraph  

House prices in London and the South East have increased for the first time in a year as higher wages boost the property market. London prices rose by 0.2pc year-on-year in May, while properties in the South East climbed by 0.7pc, the first annual increase in either region since May 2023 and April 2023 respectively, according to the Office for …

Market for newly built homes slows as elevated mortgage rates put off many home shoppers
5 months, 3 weeks ago

Market for newly built homes slows as elevated mortgage rates put off many home shoppers

Associated Press  

LOS ANGELES — Homebuilders who bucked the worst of last year’s housing slump may be seeing their luck run out. The recent slowdown in new home sales marks a shift from last year, when sales rose nationally for the first time in two years, climbing 4.2% from a year earlier. As last year, homebuilders have lowered prices and offered incentives …

How 40-year mortgages put first-time buyers' futures at risk - and will cost much more
6 months, 2 weeks ago

How 40-year mortgages put first-time buyers' futures at risk - and will cost much more

Daily Mail  

The rise of 40-year mortgages is putting first-time buyers' retirements at risk - and could cost some £100,000 more in interest. Long-life mortgages: UK Finance's report shows how as interest rates climbed, longer mortgage terms dramatically shot up Borrowers are taking out longer loans in order to squeeze monthly payments down and fit into affordability-based lending criteria, but they can …

UK House Prices Decline for the First Time in Six Months
8 months, 2 weeks ago

UK House Prices Decline for the First Time in Six Months

Hindustan Times  

UK house prices slipped for the first time in six months in March, lender Halifax said in data that confirmed a setback in the property market’s recovery. “That a monthly fall should occur following five consecutive months of growth is not entirely unexpected particularly in view of the reset the market has been going through since interest rates began to …

Two thirds of first-time buyers get property in joint names, says mortgage giant
10 months, 3 weeks ago

Two thirds of first-time buyers get property in joint names, says mortgage giant

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Terraced homes made up 30 per cent of new mortgages …

Halifax cuts mortgage rates in new hope for home buyers
11 months, 2 weeks ago

Halifax cuts mortgage rates in new hope for home buyers

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The building society’s 0.83 per cent cut on two-year fixed deals – from 5.64 …

How the rent crisis is pricing out Britain’s landlords
1 year ago

How the rent crisis is pricing out Britain’s landlords

The Telegraph  

In theory, a record jump in rental prices should be a good thing for landlords. Higher rents have meant first-time buyers are doing whatever they can to get on the property ladder, just as high mortgage rates have weakened investors’ buying power. The result is that first-time buyers are now overtaking landlords when it comes to commanding Britain’s mortgage market. …

House prices rise for the first time in six months, say Halifax - but are still lower than a year ago
1 year, 1 month ago

House prices rise for the first time in six months, say Halifax - but are still lower than a year ago

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Average UK house prices rose …

Realtors see fierce battle for mid-sized homes on housing market
1 year, 2 months ago

Realtors see fierce battle for mid-sized homes on housing market

NL Times  

After last year's housing market slump, first-time home buyers are once again facing fierce competition when hunting for a home. Realtors affiliated with the organization sold 2.4 percent more homes in the third quarter than in the same period last year, although the number of townhomes sold declined significantly. These figures regularly mask a lot of frustration among people hoping …

UK house prices have proven more resilient than expected, says Halifax
1 year, 2 months ago

UK house prices have proven more resilient than expected, says Halifax

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Many economists and financial markets predict that base rate …

Buying more expensive than renting for first time in 13 years
1 year, 4 months ago

Buying more expensive than renting for first time in 13 years

The Telegraph  

Buying has become more expensive than renting for the first time in 13 years for would-be homeowners. First-time buyers now have to pay an extra £122 per month on a mortgage compared to if they rented the same property – an extra £1,500 per year, analysis shows. This is despite rapidly rising rents and is the first time renting has …

Average mortgage amount rising after 14 months of decline; Highest since April 2022
1 year, 4 months ago

Average mortgage amount rising after 14 months of decline; Highest since April 2022

NL Times  

The average mortgage amount for purchasing a home rose by 4 percent in July compared to last year to 321,818 euros. That is the highest level since April 2022, according to figures from De Hypotheker. According to De Hypotheker, this indicates that the housing market may be gradually recovering despite the rise in mortgage interest rates. The housing supply increased …

Mortgage defaults jump at fastest rate since 2009
1 year, 5 months ago

Mortgage defaults jump at fastest rate since 2009

The Telegraph  

Mortgage defaults have surged at their fastest rate since 2009 as rapidly rising interest rates push more people into financial difficulty. Bank of England data showed that the share of lenders reporting an increase in missed mortgage payments is now the highest it has been since the global financial crisis. More than 75,000 homeowners were behind on their mortgage payments …

1m households to face £500 a month hike in mortgage payments by 2026, Bank of England warns
1 year, 5 months ago

1m households to face £500 a month hike in mortgage payments by 2026, Bank of England warns

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

House prices fall at fastest annual rate in 12 years as mortgage rates soar
1 year, 5 months ago

House prices fall at fastest annual rate in 12 years as mortgage rates soar

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. With markets now forecasting a peak in bank rate …

First-home buyers could be spending 40 per cent of their incomes on mortgages if interest rates rise twice more
1 year, 5 months ago

First-home buyers could be spending 40 per cent of their incomes on mortgages if interest rates rise twice more

ABC  

New information from the Australian National University shows that first-home buyers could end up putting 40 per cent of their incomes towards mortgage repayments if interest rates rise twice more this year. Professor Phillips said if that happened, far more first-home buyers and those on lower incomes could be placed under mortgage stress. Professor Phillips said his projections showed, for …

Buying or selling? How to deal with rising mortgage rates and falling house prices
1 year, 5 months ago

Buying or selling? How to deal with rising mortgage rates and falling house prices

The Independent  

For millions of Britons who had plans to move house or get on the property ladder this year, the latest mortgage misery coupled with the cost of living crisis makes paints a grim picture. Ross Lacey, director and chartered financial planner at Fairview Financial Management, said: “As a homeowner, if you want to move then even if your property price …

Average house price falls 3.5% as mortgage rates keep climbing
1 year, 5 months ago

Average house price falls 3.5% as mortgage rates keep climbing

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Mr Gardner added: “Moreover, despite the higher interest rates …

Mortgage approvals for house purchases rise in May
1 year, 5 months ago

Mortgage approvals for house purchases rise in May

Daily Mail  

The number of loans approved for house purchases in May edged up slightly from the record mortgage approval low seen in April, despite rising interest rates. Mortgage approvals rose in May as buyers looked to lock in deals before further rate rises The average interest rate paid on new mortgages rose by 0.10 per cent to 4.56 per cent in …

Mortgage crunch ‘on track to increase annual household bills by £15.8bn by 2026’
1 year, 6 months ago

Mortgage crunch ‘on track to increase annual household bills by £15.8bn by 2026’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. As the UK’s “mortgage crunch” …

Rise of first-time buyers drives down house prices in biggest cities
1 year, 7 months ago

Rise of first-time buyers drives down house prices in biggest cities

Dutch News  

House prices are falling faster in the four largest cities than the rest of the Netherlands as first-time buyers become the dominant players in the market, according to land registry figures. The Dutch land registry Kadaster said 58% of homes in the cities are now sold to first-time buyers, compared to 50% a year ago. The national mortgage guarantee service …

How first-time buyers can apply for a deposit-free mortgage
1 year, 7 months ago

How first-time buyers can apply for a deposit-free mortgage

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A UK lender is offering …

40% of home buyers end 2022 were first-time buyers
1 year, 10 months ago

40% of home buyers end 2022 were first-time buyers

NL Times  

Four out of ten people who bought an existing home at the end of last year were first-time buyers, slightly more than the year before. Home prices had dropped in the last quarter of 2022 compared to the previous months but were still higher than at the end of 2021, according to housing market figures from the Land Registry. Prices …

2022 was slowest year for US home sales in nearly a decade
1 year, 11 months ago

2022 was slowest year for US home sales in nearly a decade

Associated Press  

LOS ANGELES — U.S. home sales tumbled to the slowest pace in nearly a decade as soaring mortgage rates and sky high prices in 2022 pushed homeownership out of reach for many Americans. The National Association of Realtors said Friday that existing U.S. home sales totaled 5.03 million last year, a 17.8% decline from 2021. “The one big negative for …

Mortgage approvals fall to lowest level since Covid hit
2 years ago

Mortgage approvals fall to lowest level since Covid hit

The Telegraph  

The mortgage market chaos following Liz Truss's mini-Budget pushed down approvals for home loans to their lowest level in more than two years in October. The figures cover the period immediately after Kwasi Kwarteng delivered the mini-Budget when lenders withdrew hundreds of mortgage products and rates were pushed up in response to expectations for aggressive Bank of England action. Forecasters …

House prices expected to fall by 9% over next two years, says OBR
2 years, 1 month ago

House prices expected to fall by 9% over next two years, says OBR

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The economic and fiscal outlook was released as Chancellor …

A decade of rising house prices is over. The UK economy will feel the pain
2 years, 1 month ago

A decade of rising house prices is over. The UK economy will feel the pain

CNN  

London CNN Business — For years, home ownership in Britain has been a one-way bet. “The mini budget added a whole percentage point onto mortgage rates,” said Richard Donnell, executive director of research at online property portal Zoopla. The “mini” budget added a whole percentage point onto mortgage rates.” Richard Donnell, executive director of research at Zoopla Average two-year and …

UK house prices could plunge 15% because of soaring mortgage rates
2 years, 2 months ago

UK house prices could plunge 15% because of soaring mortgage rates

CNN  

London CNN Business — House prices in the United Kingdom could plummet by as much as 15% if the country presses ahead with its tax-slashing economic gamble. Credit Suisse said on Tuesday that UK house prices could “easily” fall between 10% and 15% over the next 18 months if the Bank of England aggressively hikes interest rates to keep inflation …

House prices to fall by as much as 15pc if interest rates hit 6pc
2 years, 2 months ago

House prices to fall by as much as 15pc if interest rates hit 6pc

The Telegraph  

House prices will fall by as much as 15pc as higher interest rates slash buyers’ spending power, economists have warned, while the number of homes sold risks collapsing from 1.2m per year to just 800,000. Capital Economics and Credit Suisse both estimate prices could fall by between 10pc and 15pc if interest rates rise to 6pc as financial markets predict. …

Mortgage: Homeowners suffer £200 rise as average for two-year fixed-rate deal nears 10-year high
2 years, 4 months ago

Mortgage: Homeowners suffer £200 rise as average for two-year fixed-rate deal nears 10-year high

Daily Mail  

Homeowners have suffered a £200-a-month rise in mortgage repayments as the average rate for a two-year fixed-rate deal hit 4.09% - a near 10-year high. Homeowners have suffered a £200-a-month rise in mortgage repayments as the average rate for a two-year fixed-rate deal hit 4.09% - a near 10-year high, according to the Telegraph Mark Harris, of the broker SPF …

Wondering if you’ll ever be able to buy your first home? These expert tips could help
2 years, 4 months ago

Wondering if you’ll ever be able to buy your first home? These expert tips could help

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy With mortgage rates jumping and …

Cost of a typical house in the U.S. tops $400,000 for first time
2 years, 6 months ago

Cost of a typical house in the U.S. tops $400,000 for first time

CBS News  

Sky-high housing prices are hitting new heights even as property sales slow, showing how hard it is for most people to buy a home in this economy. "Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic – after two years of gangbuster performance," NAR Chief Economist Lawrence Yun said in a statement. The …

A decade of savings isn’t enough for most first home buyers, as deposits soar out of reach
2 years, 7 months ago

A decade of savings isn’t enough for most first home buyers, as deposits soar out of reach

ABC  

It takes a first home buyer almost 11.5 years to save a 20 per cent deposit for an average priced home. Ms Owen says assuming a 15 per cent property price decline and a mortgage rate of almost 5 per cent "you save on the deposit, but you spend more over the life of the loan". "Assuming a household income …

US mortgage rates rise; 30-year at 5.27%, highest since 2009
2 years, 7 months ago

US mortgage rates rise; 30-year at 5.27%, highest since 2009

Associated Press  

WASHINGTON — Average long-term U.S. mortgage rates resumed their ascent this week, as the key 30-year loan reached its highest point since 2009. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 5.27% from 5.1% last week, when it edged down after seven weeks of increases. With inflation at a four-decade high, rising mortgage rates, elevated home …

House prices to go into reverse as mortgage rates double
2 years, 7 months ago

House prices to go into reverse as mortgage rates double

The Telegraph  

House prices are to go into reverse as mortgage rates double by the end of the year in the sharpest rise since 1990, economists have warned. Analysts at Capital Economics predicted a 5pc drop in house prices over 2023 and 2024, undoing a fifth of the surge in property values since the pandemic began. Andrew Wishart at Capital Economics, said: …

First-time homebuyers are getting squeezed out by investors
2 years, 10 months ago

First-time homebuyers are getting squeezed out by investors

NPR  

First-time homebuyers are getting squeezed out by investors Enlarge this image toggle caption Matt Rourke/AP Matt Rourke/AP Record-high home prices and low inventory were already making things hard for first-time homebuyers. "Investors are coming in and pushing out the first-time buyers," says Lawrence Yun, chief economist for the National Association of Realtors. "The investors picking up properties at the expense …

Most and least affordable places in Britain for first-time home buyers revealed
2 years, 11 months ago

Most and least affordable places in Britain for first-time home buyers revealed

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Andrew Harvey, a senior economist at Nationwide, said: “Most …

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