First-time buyers have a potential opportunity to negotiate a favourable deal this autumn - as house-sellers' asking prices have seen a smaller "autumn bounce" than usual. The average price tag on fresh property coming to market increased by 1% or £3,184 this month - the smallest rise for this time of year since 2010 - Rightmove said.
Consumer confidence in the housing market has dropped in September, the sixth consecutive quarter the BSA's tracker has recorded a negative score. Following the increase in Bank Rate from 0.5% to 0.75% in August, the cost of monthly mortgage repayments has become an increasing concern with 48% of consumers seeing it as a barrier to home ownership, up from 44% in June 2018.
Local authorities will collect a whopping £79million from 77,000 landlords this month as new licensing rules come into effect. HMO licensing - which stands for houses in multiple occupation - already applies to landlords who rent their properties to five or more tenants from two or more different households where the property is three or more storeys. But from 1 October, any property let to five or more tenants from two or more households will be caught by the rules - regardless of the number of floors.
According to a new study of 16 UK mortgage lenders, the average homeowner is being hit with £222 extra a month for lapsing onto a lender’s Standard Variable Rate. The analysis found that as of August 28th, the average homeowner slipping onto their lenders’ SVR after the initial two-year fix faced an extra £2,664 a year in interest payments, equating to £222 a month.
The vast majority of home owners who bought a leasehold house now regret it, many feel they were mis-sold and some are struggling to sell up, a report has found. NAEA (National Association of Estate Agents) Propertymark surveyed more than 1,000 people who had bought a leasehold house in the past decade. Like some people living in flats, where charges may cover maintenance costs of shared spaces, leasehold house owners can find themselves paying ground rent as well as other fees to make changes to their homes. The Government has previously said developers have been increasingly selling houses on leasehold terms - adding to buyers' costs. It has been working to make it cheaper and easier for existing leaseholders to buy out their freehold.