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UK GDP fell by 0.1% in March 2022, after no growth in February, according to the latest figures from the ONS. Services fell by 0.2% on the month and was the main contributor to March’s fall in GDP, reflecting a large decrease (15.1%) in the wholesale and retail trade and repair of motor vehicles and motorcycles industry. Production also fell on the month by 0.2%; these falls were partially offset by construction, which grew by 1.7%.
Monetary Policy Committee, Catherine L Mann, said - during a Bank of England webinar at the end of April - "monetary policy needs to keep inflation expectations anchored; by doing so now, less tightening will be required later, when demand may still be weak".
Monthly prices have risen by an average of 1.6% (+£5,537) and over the last three months by £19,082. This figure is the largest three-month price increase that Rightmove has ever recorded, with high buyer demand enabling sellers to ask and achieve ever higher prices.
When taking a Help to Buy mortgage, most clients are only focused on getting the keys to their new home. However, five years can go by quickly, and after this period, customers become eligible to pay interest payments on their Help to Buy Equity Loan.
Ground rent charges will be banned on most new residential leases in England and Wales from 30th June, the government has confirmed. Sometimes worth hundreds of pounds a year, the government says these charges "provide no clear service in return and can be set to escalate regularly, with a significant financial burden for leaseholders". From 30th June 2022, landlords will be banned from charging ground rent to future leaseholders.
