Nationwide reports the steepest decline in UK house prices in 14 years
UK house prices experienced their swiftest annual decline in 14 years during July, as indicated by Nationwide. The building society noted a 3.8% drop in prices, marking the largest yearly decrease since July 2009. Nationwide pointed out that elevated mortgage interest rates presented a challenge to potential homebuyers’ affordability. July saw mortgage costs reach their […]
Warning UK mortgage rates set to rise further
Mortgage borrowers are being cautioned about further increases in mortgage rates as the market faces ongoing turbulence. London & Country, a broker, stated that lenders have been steadily withdrawing deals and raising rates, with more of the same expected in the coming week. Over the past month, mortgage rates have risen by approximately 0.5 percentage […]
UK interest rate rise: how will it affect you?
The Bank of England has once again increased the interest rates in the UK, marking the 12th consecutive rise since December 2021. This latest hike raises the base rate to 4.5% and will have implications for individuals’ financial situations. For the approximately 2.2 million people with variable rate mortgages, this news brings further negative consequences. […]