The average cost of moving home has rocketed to £9,331 in the past year, figures show, with legal fees and stamp duty unsurprisingly the largest part of that. Estate agent, surveyor, land registry and EPC costs will set the typical house buyer back £7,641 - but there's an additional £1,690 eaten up by unexpected fees that could force many into the red. Stamp duty can equally cause a financial headache for those looking to move. On top of this, building insurance costs can amount to £107 and a survey although not a legal requirement but recommended will set you back a further £550. An energy performance certificate is a legal requirement, however, which adds an additional £90 on average.
UK GDP contracted by 0.2% in Q2 following growth of 0.5% in the first quarter, according to the latest ONS statistics. Its figures show that rolling three-month growth - comparing quarterly GDP with the previous three-month period - contracted for the first time since Q4 2012. Rolling three-month growth was negative 0.2% in June, continuing the steady decline that followed the relatively strong growth seen earlier in the year.
The number of mortgaged properties taken into possession rose by 15% in Q2 compared to the same quarter in 2018, according to the latest data from UK Finance. 1,270 were repossessed in the quarter, however UK Finance says the figure remains "well below the levels seen between 2009 and 2014" and attributed the rise to a backlog of historic cases which are currently being processed. 590 buy-to-let mortgaged properties were taken into possession in the second quarter of 2019, 2% more than in the same quarter of the previous year.
Robert Jenrick, who was appointed Secretary of State for Housing, Communities and Local Government in Boris Johnson's new Cabinet, has refused to rule out extending the Help to Buy Scheme.
Britain is scheduled to leave the European Union in 100 days. Boris Johnson says he will meet the Oct. 31 deadline even if that means exiting without an agreement. And your mortgage deal is about to expire, meaning I have to renegotiate.