Interest rates have increased again, 100% mortgages have been relaunched, and there’s welcome news for renters. Read on to find out the latest on all this and more.
The Bank of England has raised interest rates to 4.5%. This is the 12th rise in a row and the highest since 2008. The rise marks a 0.25% increase from the previous base rate as the bank looks to slow down inflation. The headline rate has recently fallen from 10.1% to 8.7%, taking it into single digits for the first time in months.
Their latest forecast indicates that inflation is expected to remain higher for longer than previously thought, with predictions that it will be above 5% by the end of the year. This is still way down on the current rate of 8.7% but more than double the bank’s target of 2%.
The Government has finally published its renters’ reform bill, which should make renting safer and fairer for tenants.
Some of the key benefits to come out of the bill for renters include:
As for landlords, the new bill will make it easier for them to evict nuisance tenants and reclaim their properties in instances of antisocial behaviour, while the two-month notice period for renters can be reduced for irresponsible renters who breach their tenancy agreement or damage the property.
Skipton Building Society has launched the UK’s first 100% no-deposit mortgage since 2008, in a move that is specifically targeted at renters.
The new initiative will mean that renters won’t require a deposit or a guarantor, but they must show that they’ve been paying rent on time for the past 12 months. They must also meet the lender’s credit score and affordability criteria.
Skipton’s new Track Record Mortgage is currently offered at a fixed interest rate of 5.49% for five years, which is slightly higher than the average five-year fixed rate mortgage deals for buyers with a deposit who can secure a rate of around 5%.
With house prices dipping slightly in the first few months of the year, data from the Land Registry has revealed the towns where prices are still rising.
Top of the list is Guildford in Surrey. Prices increased by 11.54% between February and March, with the average price climbing from £518,526 to £578,450.
Sevenoaks in Kent was second on the list with a smaller jump of 6.93%, with prices going up from £595,136 to £636,437, while Cheltenham in Gloucestershire was third on the list. Prices there jumped 5.56%, from £327,104 to £345,257.
One of the most striking findings from the data was the wide geographical spread of the towns, with Salford, Rochdale, Harrogate, Truro, Torquay, Swindon and Wirral completing the top 10.
Fans of the hit BBC sitcom Gavin and Stacey now have the opportunity to own one of the houses featured in the show, which has recently come to market for £212,000.
The 3-bedroom terraced house on Trinity Street in Barry was used as the home of Uncle Bryn throughout the show’s three seasons between 2007 and 2010, as well as its reappearance in the 2019 Christmas special.
For more local property news and updates and a more detailed overview of the London area, get in touch with Properly. We are your local property experts.
Call us on 0207 459 4400 or email firstname.lastname@example.org.
London Youth work to improve the lives of young people in London, challenging them to become the best they can, and last year helped over 27,000 young people through their sports development, youth action and involvement, arts and outdoor education programmes and employment prospects. We feel strongly that all young people should have an opportunity to develop themselves, and so are delighted to be able to support London Youth in their work, providing young people with access to opportunities they might not otherwise have had, to learn new skills, to make a positive change in their communities and to shape the city they live in.
Glass Door helps homeless men and women in London through their large network of emergency shelters and support services. These winter shelters provide a warm welcome, food, safety and shelter for up to 170 people every night. Properly feels passionately about the issue of homelessness. That is why we are delighted that together with our clients we can assist Glass Door in their fantastic work to help some of the most marginalised people in society.
Families become homeless for reasons we can all identify with. We are concerned about people who are struggling to keep things together in our fast-paced world – and we care about those who have no support. We chose the Doorstep Homeless Family Project because they are passionate and effective yet they are a small team with limited funding. They provide homeless families, living in temporary accommodation in London, with access to services to secure the emotional and practical support they require to enjoy a better quality of life.
We need nature and nature needs us. We support The London Wildlife Trust because we share its concern for the environment. We want to ensure that we keep nature in mind as we work in the property market – and crucially, with people’s homes. We also want our employees to engage with nature and benefit from the wellbeing this brings. London Wildlife Trust cares for over 37 of London’s spaces, and their vision is: “a London alive with nature, where everyone can experience and enjoy wildlife”.
We did not feel rushed at all which was great as it really allowed us to really take the property in. We did put down an offer and Properly did a great job in securing a good outcome for both the sellers and ourselves.If you are looking for an agency that will do more than just open the door then look no further.
I cannot recommend this estate agent enough. Michael and Mariel have been very good to us throughout the process and have made sure everything has been as smooth as possible. They have gone above and beyond to ensure everything was dealt with and in a timely manner too. A great experience throughout!
Amazing people, responsive, honest, friendly and professional. Cannot fault them and the type of company, you will go back to again and again.
Mariel & Michael have been amazing, very thorough, helpful and a delight to deal with, would highly recommend! Thank you both.
We had such an easy and stress free move. Michael helped us with all our questions and was quick to find out any answers to our questions. Would highly recommend.
We had the opportunity to interact with Michael of Properly in our search for a new rental flat. Michael was professional and courteous in our dealings with him. He was a pleasure to interact with and he frankly stood out amongst all the agents we interacted with over a search of several weeks.
Mariel and Michael have been absolutely great, by far my best ever experience with an estate agent. Properly is honest, upfront and friendly, responding really quickly to any and all queries and with a lovely personal touch.
Mariel helped me sell my apartment in West London. She was always there when I needed her. Her advice was invaluable and made everything a whole lot easier. I can’t recommend her highly enough.