Catch up on Mortgage Strategy’s most popular stories this week. UK house prices rise for the first time in eight months and New Help to Buy would push up house prices. Read more below:
UK house prices rise for first time in eight months
Nationwide’s latest house price survey shows that UK house prices increased by 0.5% in April, following seven consecutive months of decline. This suggests that the property market has stabilized after the 2022 mini-budget debacle.
New Help to Buy would push up house prices: Brokers
Brokers have criticized the government’s initial plans to reintroduce Help to Buy, citing concerns that it will lead to inflated house prices and primarily benefit housebuilders. The Times reported that the government is exploring ways to revive the scheme before the upcoming election, with Prime Minister Rishi Sunak leading the initiative.
Renters Reform Bill to be published next week: Gove
The Renters Reform Bill, which has been eagerly awaited, will be released next week, according to the housing secretary, Michael Gove. Speaking to Sky News, he explained that the legislation aims to change the way in which landlords and tenants interact and provide tenants with increased protection against arbitrary rent increases.
Quarter of adults with complex incomes denied a mortgage
According to a survey conducted by polling agency Opinium in March, over a quarter (28%) of adults with non-typical income streams, including those who are self-employed, have had a mortgage application rejected by a lender. The Mortgage Lender (TML) commissioned the survey, which found that those on zero-hours contracts had the highest rejection rates, with 46% having had a mortgage application denied.
Growth slows to 3%, ‘worst house price falls behind us’: Zoopla
Zoopla’s latest House Price Index reveals that UK house prices grew annually by 3% in April, reaching an average of £259,700 for a typical home. However, the report suggests that the worst of the monthly house price declines are over. In March, house prices grew by 4.1% YoY, while one year ago, the rate was 9.3%.
Weekly rate watch: Fixes slide
ccording to data from Moneyfacts, the average rate for two, three, five, and ten-year fixed rate mortgages have fallen. Two-year fixes saw the largest declines, while three-year fixes were mixed. Meanwhile, the average five-year fix decreased by 8 basis points and the 10-year fix slipped by 3 basis points.
Houses selling quicker in 2023 than previous year
While the market may have started to slow where house price growth is concerned, the time it’s taking to sell a home across England and Wales has fallen by an average of 44 days. This is according to the latest data from estate agent comparison site, GetAgent.co.uk.
Day in the Life of… Alison Ferguson, underwriting and customer outcomes, Leeds
A day in the life of Alison Ferguson, who works in underwriting and customer outcomes at Leeds Building Society. The article provides insight into the work that goes into assessing mortgage applications, ensuring that customers are treated fairly and have the best possible outcome.
Coutts makes mortgage range available to brokers
Coutts, a high net worth bank that specializes in the million-pound-plus loans market and offers tailor-made solutions to wealthier clients looking to purchase or remortgage a property, is making its mortgage range available to brokers and intermediaries. The bank is part of the NatWest Group.
Strong rise in mortgage approvals in March: BoE
According to the latest figures from the Bank of England (BoE), there was a strong increase in the number of mortgages for house purchase in March, reaching 52,000 approvals. This is a significant jump from the 44,100 approvals recorded in February, which indicates that confidence is slowly returning to the housing market after figures fell for five consecutive months leading up to January 2023.