With over 20 years of experience in the mortgage industry, Ste Froom has dedicated his career to helping people navigate the often complex journey of securing the right mortgage.
The number of UK homeowners with more than £300,000 left to repay on their mortgage has nearly doubled in the past seven years, highlighting the growing financial strain many are facing, amid high property prices and rising interest rates. New analysis of the Financial Conduct Authority’s (FCA) Financial Lives Survey reveals that 9% of mortgage […]
Rural house prices are still rising faster than those in towns and cities, according to Nationwide. While the pandemic-driven rush for countryside homes has eased, demand for space continues to support stronger growth in rural areas. Most home movers over the past five years stayed in similar locations, with 63% moving within the same type […]
Almost half a million homeowners coming off five-year fixed rate mortgage deals taken out in 2020 could see a major spike in their monthly mortgage repayments. These borrowers have been paying an average interest rate of just 2.11%. However, if they revert to their lender’s standard variable rate (currently averaging 7.13%) when their deal comes […]
Nearly two-thirds of UK homebuyers faced unexpected costs in the past year, according to recent research. First-time buyers were hit hardest, with 66% encountering surprise expenses, compared to 55% of movers. The survey of over 1,000 buyers found costs such as legal fees, repairs and one-off charges often disrupted the process, with 27% naming these […]
House prices crept up again in May, with Nationwide reporting annual growth of 3.5%, slightly above April’s 3.4%. Prices also rose 0.5% month on month, once seasonal factors were taken into account. There was a surge in property transactions in March, as buyers rushed to complete purchases ahead of higher Stamp Duty charges. The number […]
The average cost of moving home in England is now £51,826, the highest in the UK, according to Yopa’s latest Housing Market Affordability Review. It shows the total has risen nearly 11% in a year, driven largely by changes to Stamp Duty. Stamp Duty alone now costs £4,528 on average, more than triple last year’s […]
According to Moneyfacts, the number of low-deposit mortgages available at 90% and 95% loan-to-value (LTV) has reached its highest level since 2008, with 1,287 products on offer at the time of writing. In April, there were over 400 deals at 95% LTV and over 800 deals at 90% LTV, signalling growing lending support for buyers […]
Affordability for first-time buyers (FTBs) reached its most favourable level in ten years last year, despite house price rises over the same period. New analysis from estate agents Yopa shows the average price paid for a first home in the UK has increased 63% since 2014. However, earnings growth relative to income means homes are […]
Buying a home is now significantly cheaper than renting across most of Great Britain, according to research from property website Zoopla. The average monthly mortgage payment for first-time buyers (FTBs)stands at £1,038, which is 20% lower than the average monthly rent of £1,248. This analysis assumes buyers have a 20% deposit, which works out as […]
UK housing costs reached a record £217bn in 2024, according to estate agent Savills. This is a £41.2bn rise over two years and accounts for 60% of the decade’s increase. Mortgaged owner-occupiers paid £110bn in total, with the average annual cost now £12,754, up £2,829 since 2022. The surge was largely driven by a 32% […]
The cost of moving home in England has jumped 10.9% over the past year, according to new research from estate agents Yopa. The average mover now faces a total bill of £51,826, with a 15% mortgage deposit costing £43,585, making up the largest share. However, changes to Stamp Duty relief thresholds have also driven costs […]
Fixer-uppers are the most popular type of home among buyers this year*. Analysis has found that nearly half (46%) of fixer-upper homes on the market are under offer or have sold subject to contract. Meanwhile, 37% of period properties on the market have found a buyer and modern homes are the least popular, with only […]
Two-year fixed mortgages could become cheaper than five-year deals in 2025*. Typically, longer fixed mortgage deals are more expensive than two-year deals due to uncertainty surrounding interest rates in the long-term. However, since Liz Truss’ Mini Budget in 2022, five-year fixed mortgages have been the cheaper option; interest rates have been higher, so there has […]
The housing market continues to show signs of recovery as house price growth remains relatively stable*. In February, the average UK house price rose by 0.4% – the sixth consecutive monthly increase. Meanwhile, annual growth was at 3.9% – only marginally lower than the pace of growth in January (4.1%). This steady increase is likely […]
The UK mortgage market bounced back strongly at the end of 2024, driven by first-time buyers and home movers, according to UK Finance. First-time buyer mortgages rose 16.4% to 334,000 last year, while home movers increased by 14.7% to 288,000. Total home purchases reached 622,000, up 15.6% overall. Lower mortgage rates boosted demand in 2024, […]
Are you considering making mortgage overpayments? Here’s what to consider. If you can afford it, there are many advantages to overpaying your mortgage, such as: – Becoming a step closer to being mortgage-free – Reducing the amount of interest you owe – Lowering your loan-to-value ratio (LTV). However, before you make overpayments it’s vital to […]
House prices returned to growth in 2024, as half of the UK’s housing stock increased in value by an average of £7,600*. Last year, 15 million homes in the UK rose in price by at least 1%, with 6.9 million increasing by £10,000 or more. Nearly six million homes stayed at broadly the same price, […]
In February, the Monetary Policy Committee (MPC) voted to reduce the Bank Rate to 4.5%. Despite this being the third reduction since August 2024, the MPC has still been cautiously restrictive to sustainably return inflation to its 2% target. In Q4 2024, inflation was 2.5% but is expected to rise to 3.7% by Q3 2025 […]
The UK economy may be slowly recovering but many Brits are still feeling the financial pressure, with one in 10 homeowners struggling to meet their monthly mortgage repayments*. So, what should you do if you find yourself in this difficult situation? Speak to your lender Don’t bury your head in the sand. Contact your lender […]
Recent reductions to Bank Rate may have prompted some cautious optimism among consumers, a report* suggests. In December 2024, rent and mortgage spending increased annually by 1.8% – a significant improvement on the previous month, when spending grew by 8.2% annually. Despite this slowdown, only 52% of consumers were confident in their ability to afford […]
The Office for National Statistics (ONS) reported UK house prices increased by an average of £10,000 in the year to October 2024. The report showed the value of a typical home to be an estimated £292,000, an annual increase of 3.4% compared to £282,000 recorded in October 2023. In England the average house price increased […]
Have first-time buyers left it too late to pay lower Stamp Duty? It would appear so. At present, first-time buyers pay no Stamp Duty when buying a home worth £425,000. However, from 1 April, Stamp Duty thresholds will return to pre-2022 levels, meaning the tax-free threshold for first-time buyers drops from £425,000 to £300,000, resulting […]
UK mortgage rates in the spotlight as economic factors suggest rates could rise again. Hopes that the Bank of England would significantly lower interest rates in 2025, leading to cheaper mortgages, now seem less likely, thanks to global bond market sell-offs and Labour’s Budget leading to a surge in borrowing costs. These factors have unsettled […]
Bank of England (BoE) Governor Andrew Bailey is confident inflation will fade in 2025, which could mean as many as four interest rate cuts over the year. Bailey told the Financial Times in December that despite recent higher points, he still expected inflation to return to the Bank’s 2.0% target, creating headroom for four 0.25% […]
House prices are expected to stay on a positive trajectory over the course of 2025*. House prices returned to growth in 2024, with prices increasing by 1.5% in the 12 months to October – an improvement on -1.2% the year before. The average UK house price is £267,000 and is expected to rise by 2.5% […]
Research* indicates that homebuying affordability has slightly improved in relation to income. In the summer of 2022, the house price to earnings ratio reached a record high of 7.24. Since then, affordability has been slowly easing; in 2024, the average house price to earnings ratio went down to 6.55, compared to 6.62 in 2023. Over […]
Last October, mortgage approvals exceeded expectations and reached the highest level since August 2022*. Liz Truss’ ‘mini budget’ in September 2022 caused mortgage approvals to plummet. Since then, the housing and mortgage markets have been slowly recovering, with the Bank of England tentatively reducing interest rates in recent months. Statistics from October 2024 were promising, […]
2024 was a significant year for the UK property market; Labour’s landslide general election win ended 14 years of Conservative rule in Britain, plus the Bank of England reduced interest rates in August after being held at 5.25% for a year. Here’s a roundup of the housing and mortgage markets at the end of 2024. […]
Many first-time buyers (FTBs) are not aware of affordable homeownership schemes that could help them get on the property ladder, research* has found.
Almost half (49%) of prospective buyers are looking for a ‘freshen-upper’ property, according to research*. A ‘freshen-upper’ – a home that only requires small scale improvements – was found to be the most desirable property type. Meanwhile, a move-in ready property is popular among 22% of home movers due to its energy efficiency. Only 16% […]
