Welcome to our weekly update giving you the key stories, breaking news and topical analysis from the past week up to today, 3 August 2018.
The Bank of England raised its base rate this week, but many mortgage lenders had already begun to preempt the changes. Meanwhile, construction in the north-west is booming, and homebuyers seem to be favouring smaller properties, but London estate agents are continuing to struggle in the capital’s current climate. Read on for seven top stories you might have missed this week…
1. Bank of England base rate rise “won’t shock” property market
The Bank of England has just upped the base rate from 0.5% to 0.75%, but the impact for homeowners and mortgage holders should be minimal. To read the full story, click here.
2. Optimism prevails for UK landlords as rental yields pick up
Confidence among buy-to-let landlords is at an 18-month high, despite recent gloomy headlines surrounding the sector, and monthly rental yields are growing. To read the full story, click here.
3. Mortgage market sends mixed messages as base-rate rise looms
This Thursday, the Bank of England is expected to announce whether or not it will be upping the base rate from its current 0.5%, and mortgage lenders have already been tailoring their rates. To read the full story, click here.
4. Smaller properties are gaining popularity among UK homebuyers
As detached house sales continue to struggle, interest in semi-detached and terraced properties has seen a revival while general confidence in the housing market picks up. To read the full story, click here.
5. North-west leads the way in providing the UK’s new homes
A new report released by estate agents Savills confirms that the north-west is ahead when it comes to providing a broader range of new housing stock. To read the full story, click here.
6. London house sales collapse for Foxtons as estate agent loses £2.5m
After reporting a 65% profit loss earlier this year, major London estate agent Foxtons has posted some even more downbeat performance figures this week. To read the full story, click here.
7. 10,000 ‘mortgage prisoners’ to be offered cheaper mortgage deals
Mortgage lenders have committed to helping thousands of UK homeowners currently trapped in expensive mortgage deals taken out before the financial crisis. To read the full story, click here.