Falling house prices uk

House prices: Expert discusses 'interesting' pricing differences Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Buyers who over-stretched their finances and took advantage of ultra-cheap mortgages are vulnerable to a rise in costs. Those who bought and are buoyed by cheap debt might also fall foul of falling prices as their homes tip into negative equity. Related articles Airport 'chaos' as passengers burst into tears with 'mile-long' queues UK weather forecast: Thunderstorms to drench Britain as nation bakes People whose mortgage debt is bigger than the value of their property will struggle to move or remortgage. The Financial Conduct … [Read more...] about House price crash fears: Millions face owning ‘unsellable’ homes over interest rate chaos

BUYING a property is a big commitment and timing could be everything. As house prices reach record highs and mortgage rates increase, is now the time to buy your first home? Samantha Bickford, mortgage specialist at Clarity Wealth Management, says there's never a perfect time to buy a house - but if you're trying to get on the ladder, you might not want to wait. According to the Office for National Statistics, house prices soared a whopping 10.9% over the past year to an average of £277,000. As a result, some buyers are scrambling to secure a home before prices go up any further. Add to the mix the fact that interest rates are rising, and buying now means you will still be able to lock in a cheap mortgage deal . Bickford said: "While interest rates are starting to creep up, and have been slowly for some time now, they are still historically very low." Read more in property WRONG MOVE I’m an interiors expert - three things that … [Read more...] about I’m a property expert – is NOW the time to buy as house prices and mortgage rates go up?

The housing market continues to astonish. A recent survey of surveyors showed sales volumes and price balances strengthening. Over the last year, average house prices have risen by 12pc. This follows nine years of increasing prices. Can the market continue to be this strong or is there trouble ahead? One key metric that is flashing red is the ratio of average house prices to average earnings (HPE). It currently stands at 7.7, having recently surpassed the previous peak of 7.5, registered in 2007, just before the global financial crash. This crisis was followed by a fall in average house prices of 18pc. The long-term average value for the HPE, going back to 1970, is 5.1. As is usually the case at the peak of the market, valuations currently look particularly stretched in London and the South East . Although the HPE ratio is a useful guide to the underlying valuation of the housing market, it has proved pretty useless as a short-term forecasting tool. This is partly because … [Read more...] about Don’t be surprised if house prices drop 20pc

Evening briefing: Today's essential headlines Wagatha Christie | Coleen Rooney said Rebekah Vardy has a "desire to be famous" as she took to the stand for the first time in the "Wagatha Christie" case. When questioned about her remarks by Mrs Vardy's lawyer, Mrs Rooney said: "My view was she wants to be kept relevant within the press, within the public eye." Read the latest summary . Zaghari-Ratcliffe meets PM | 'I lived in the shadow of your words' Keir Starmer | Rebellion as local candidates snubbed for Remainers Bear attack | Paratrooper mauled to death during military training Joy for Queen | Pony takes first prize on first outing since March Jeremy Clarkson | 'I can’t get planning permission for anything' The big story: Covid civil service jobs first to face axe They have faced Brexit, a pandemic and a cost of living crisis. Perhaps it is little surprise to civil servants that there is another major challenge ahead - only this time it is … [Read more...] about Friday evening UK news briefing: Covid jobs in line of fire in civil service cuts

Hypermiling: Experts offer advice on saving petrol Sign up for FREE for car tips every driver needs to know SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info E10 petrol is being used by motorists across the UK after its introduction at pumps in 2021. But drivers have noticed that E10 is setting them back more - so why is this the case? Related articles Drivers demand windfall tax as petrol and diesel prices spike Oil price surge: Grief for motorists Why is E10 more expensive? E10 isn’t actually more expensive at the pump when you buy, with E5 and E10 both coming under unleaded prices. But the fuel economy of E10 is lower, meaning more fuel is needed to travel the same distance than on a tank of E5. E10 … [Read more...] about Petrol prices: Is E10 more expensive than other fuel types?

Millions of homeowners face negative equity as interest rates rise and property prices collapse, leaving them unable to sell. Britain’s post-credit crunch age of rock-bottom borrowing costs is at an end, while interest rates on some mortgages have doubled in a matter of months. The housing market faces a reckoning. Prices are up more than 10pc in the past year, rocketing to a record 5.5 times the average wage - and even higher in London.  Yet the looming end of ultra-cheap mortgages means buyers who have over-stretched themselves to the extreme are vulnerable to a spike in costs. Worse still, those who bought recently and are buoyed by cheap debt could be heavily exposed to falling prices, which could send them into negative equity: when a property is worth less than the mortgage taken out on it, making it hard to move house or remortgage. The phrase alone strikes fear into anyone who experienced the crunch of the 1990s when the property boom turned to bust. … [Read more...] about Millions face living in unsellable homes from property crash

Perfect House, Secret Location: Steve Jones hosts property show How to keep your lawn lush, borders beautiful and more with our FREE email SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Selling a property can be a stressful process, especially when viewings take place. When it comes to property viewings, first impressions count. A messy driveway, an untidy front garden, peeling paint and even dirty windows can make a buyer think twice about a home. Related articles Oven cleaning: How to clean oven door glass under 5 minutes - ‘cheap’ Family of six sleeping in one room in flat infested with mice When entering a home, buyers will be looking for certain features. Whether it’s more space, good storage or a … [Read more...] about Interior tips: ‘First thing’ you should do to make a property more appealing to buyers

Michael Gove pledges to help first-time buyers (Image: Getty) Sign up for FREE now and never miss the top politics stories again SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Michael Gove, said the move will force lenders to be more generous to young borrowers. Related articles Inside deserted Fukushima exclusion zone four years on from nuclear di 'Barrel load' of Leave voters abandon Boris as party 'weakened' His pledge comes after pollsters warned that voters in their 20s and 30s would abandon the Conservatives at the next election if their ambitions to own a home continue to be thwarted. In 1995, two-thirds of people aged between 25 and 34 owned their own property - now only about a quarter do. The reforms should also … [Read more...] about Ministers pledge more aid for first-time buyers

The Governor of the Bank of England has warned of “apocalyptic” global food price rises and said he is "helpless" in the face of surging inflation as the economy is battered by the war in Ukraine. Andrew Bailey said he has “run out of horsemen” when counting the shocks facing Britain, with runaway energy and food costs driven by global market forces beyond his control. Prices are rising at the fastest rate in 30 years , creating a "very big income shock" that is expected to intensify in coming months with a risk of double-digit inflation before the end of the year. Mr Bailey told MPs on the Treasury Select Committee that he is increasingly concerned about a further surge in food costs if Ukraine, a major crop grower, is unable to ship wheat and cooking oils from its warehouses because of a Russian blockade . The Governor said that he had spoken to Ukraine's finance minister and added: “The [risk] I'm going to sound rather apocalyptic about I guess is food. “Ukraine does … [Read more...] about Bank of England warns of ‘apocalyptic’ global food shortage

Faisal Islam @faisalislam on Twitter Published 23 hours ago comments Comments Share close Share page Copy link About sharing There was nothing more certain than a blame game erupting about the cost of living crisis. The Bank of England's target in law is to get inflation to 2% on the Consumer Price Index measure, but it is now heading for 10%. It is a clear and rather spectacular failure on that score. The target is supposed to apply at all times and the setting of interest rates is supposed to be consistent with the target in two years' time. But at the same time, the great bulk of the factors underpinning inflation surging to a 40-year high is beyond the control of the Bank. The pandemic, the supply chain fails as the global economy rebounded, the introduction of post-Brexit trade frictions with Europe, the post Brexit and pandemic fall in labour … [Read more...] about Who is to blame for soaring prices?