Mortgage market update for July 2016
MACRO NEWS AND DRIVERS
Trade bodies react to Brexit vote: 'prepare for
Mortgage and property trade bodies say the Brexit vote will cause
volatility in house prices, mortgage rates and rents.
Property pundits: Brexit set to freeze UK house
Brexit uncertainty is likely to put the brakes on the UK property
market, with transaction volumes potentially falling by up to 20
per cent, experts warn.
Fixed rate mortgage deals set to get cheaper
Fixed rate mortgages could fall further still following the UK's
vote to leave the EU, according to John Charcol senior technical
manager Ray Boulger.
Buying cheaper than renting in over half of UK
Rocketing rent prices and sky high demand for property mean
monthly mortgage repayments are now less than rent in over half of
the UK cities, new research shows.
REGULATION AND LEGISLATION
Labour warns of cuts to affordable housing
Labour has warned that if the UK leaves the EU it could result in
the loss of 18,000 affordable homes by 2020.
Markets in turmoil as Britain votes to leave the
Sterling has hit a 31-year low and global markets have plummeted
following Britain's decision to leave the EU. While polls initially
put the Remain camp in the lead, in the final vote there was 52-48%
split in favour of leaving the EU.
FCA: EU negotiations will shape future of
The FCA says regulation will be shaped by the negotiations to come
on the future relationship between the UK and the EU. In a
statement this morning, the regulator says the vote to leave the EU
will have "significant implications" for the UK and for financial
PRODUCT DEVELOPMENTS AND INNOVATION
Halifax to reward first-time buyers and home movers with
Halifax is offering first time buyers and home movers a £500 gift
card for Currys PC World when they successfully apply for a
qualifying mortgage between 20 June and 14 August 2016.
HSBC launches first 0.99% fix as mortgage price war
HSBC has launched a new fixed rate mortgage with an interest rate
below 1%, as competition between lenders heats up. The two-year
fixed rate mortgage has an interest rate of 0.99%, the lowest since
Prestige revamps mortgage range
Prestige Finance, part of OneSavings Bank, has simplified its
mortgage range by creating one Prime range for loans up to £2.5
Yorkshire launches two-year fix below 2% for first-time
Yorkshire Building Society has launched a two-year fixed rate
mortgage under 2% aimed at first-time buyers. The Society is
offering a two-year fix at an interest rate of 1.98% rate for
buyers with a 10% deposit. The mortgage has a £1,345 product
Fears it could take five years for house prices to
recover from Brexit
New research has found that that a majority of Britons that think
house prices will fall in the event of a Brexit vote believe it
will take five years for the market to bounce back.
The 20 most desirable UK locations for young
The south coastal town of Hove is the most desirable location to
buy a home in England and Wales for young professionals, new
40% of Brits believe interest rates won't rise if there
is a Brexit vote
With the EU referendum just days away, new research has revealed
that four out of 10 Brits believe a Brexit vote will have no impact
on interest rates.
Top seaside buy-to-let postcodes
Hull has been named as the top seaside postal area for landlords
in England and Wales. The latest LendInvest Buy-to-Let Index looked
at coastal towns to find which areas offered the top average rental
yields to landlords.
Experts warn of slowdown in uk property
Experts have warned that the UK housing market is set for a severe
slowdown following the decision to exit the EU. The International
Monetary Fund said exiting the EU could send property prices
plummeting while analysis by the Treasury showed that up to 18%
could be knocked off the value of people's homes.