![]() The monthly change in the average price of a UK home remained almost flat in May at £286,532, the lender said – in April they fell 0.4% compared with March – with prices down about £7,500 on average compared with last summer’s peak. “This will inevitably impact confidence in the housing market as both buyers and sellers adjust their expectations.” “As expected, the brief upturn we saw in the housing market in the first quarter of this year has faded, with the impact of higher interest rates gradually feeding through to household budgets, and in particular those with fixed rate mortgage deals coming to an end,” said Kim Kinnaird, the director at Halifax Mortgages. Just last summer Halifax had the annual rate of house price growth running at more than 12%. The slump in the housing market has been precipitous over the past year as stubbornly high inflation, which remains at 8.7%, and 12 increases in a row in the UK base interest rate wreak havoc on the mortgage market. On Thursday, Santander’s broker arm will increase the cost of more of its fixed deals, with some rates rising by up to 0.33 percentage points. ![]() On Wednesday, Halifax Intermediaries, the arm of the high street bank that serves brokers, increased some of its fixed-rate deals by up to 0.82 percentage points – a two-year fix for those remortgaging who previously had a rate of 4.9% is now priced at 5.72%. The figures come as the turmoil in the mortgage market shows no sign of abating, with banks and building societies continuing to pull home loans from their shelves, often with very little notice, and hike the cost of their fixed-rate deals. ![]()
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