OM Financial

08/10/2024

🏡 UK House Prices on the Rise! 📈

The average UK house price hit £293,399 in September, just shy of the record £293,507 from June 2022. Prices have risen for three months, thanks to easing mortgage affordability driven by strong wage growth and falling interest rates.

Halifax reports a 40% increase in mortgages agreed compared to last year, the highest since July 2022. House prices are up 4.7% year-on-year, the fastest growth since November 2022.

Falling mortgage rates have helped to boost confidence among buyers, the lender says.

04/10/2024

🌿🏡 Exciting news from UK Finance! They've proposed a range of measures for the upcoming Budget, including the establishment of a green home agency and stamp duty rebates to boost energy-efficient home improvements.

With new regulations requiring rented homes to meet a C energy performance certificate by 2030, they estimate 2.9 million properties will need upgrades. UK Finance is also calling for energy efficiency upgrades to be VAT-free and for the £425,000 nil rate band for first-time buyers to be made permanent.

Chancellor Rachel Reeves will present Labour's first Budget in 14 years on October 30, aiming to tackle a £22 billion fiscal shortfall. Let’s hope these proposals pave the way for a greener, more sustainable future! 🌍✨

19/09/2024

The mortgage market is in a good place going into autumn, with lenders cutting rates and widening criteria, despite the base rate staying at 5%.

The Bank of England’s (BoE’s) Monetary Policy Committee (MPC) voted 8-1 to keep the base rate at 5%.

Ben Thompson, deputy CEO of Mortgage Advice Bureau (MAB), said that it was “business as usual” in terms of interest rates, but there was “no need to worry, as this was signalled for some time”.

The mortgage market is in a good place going into autumn, with lenders cutting rates and widening criteria, despite the base rate staying at 5%.

22/08/2024

https://thenegotiator.co.uk/news/uk-housing-market-news/mortgage-rates-fall-to-lowest-price-in-nearly-two-years/

A recent cut in the base rate by the Bank of England has encouraged lenders to reduce their mortgage prices.

19/08/2024

https://www.mortgagestrategy.co.uk/news/boe-rate-cut-helps-boost-market-activity-rightmove/

The first Bank of England rate cut for four years has led to an immediate upturn in buyer activity, according to the latest Rightmove HPI. The latest data shows the number of potential buyers contacting estate agents about homes for sale has jumped from 11% up on the prior year across the month of J...

01/08/2024

The quarter percentage point reduction is nothing to write home about after such a lift since 2021 - but it is still expected to have a widespread effect across the economy.

The quarter percentage point reduction is nothing to write home about after such a lift since 2021 - but it is still expected to have a widespread effect across the economy.

11/07/2024

https://www.independent.co.uk/news/uk/home-news/mortgage-rates-first-direct-buyers-b2576573.html

There have also been some recent signs that the choice of mortgage products is improving

24/06/2024

https://moneyfactscompare.co.uk/news/banking/bank-of-england-base-rate-june-2024/

With two weeks to go until the General Election, the Bank of England’s Monetary Policy Committee (MPC) today voted 7 to 2 in favour of maintaining the base rate at 5.25%.

The Bank of England's decision to hold the base rate may come as a surprise to some; only yesterday, figures from the Office for National Statistics (ONS) revealed it had successfully met its 2.0% target for inflation. Find our what this means for your mortgage and savings rates.

24/06/2024

https://moneyfactscompare.co.uk/.../bank-of-england-base.../
With two weeks to go until the General Election, the Bank of England’s Monetary Policy Committee (MPC) today voted 7 to 2 in favour of maintaining the base rate at 5.25%.

This may come as a surprise to some; only yesterday, figures from the Office for National Statistics (ONS) revealed the Bank of England had successfully met its 2.0% target for inflation.

20/06/2024

https://theintermediary.co.uk/2024/06/natwest-makes-adjustments-to-mortgage-rates/

NatWest has announced significant changes to its residential mortgage rates, effective from tomorrow, Thursday, 20th June 2024, offering better deals for both new purchases and remortgages.

Key changes include a reduction in the 2-year fixed rate purchase mortgages. At 75% loan-to-value (LTV), rates have dropped by 0.13% across various product fee options. This means rates now start at 4.84% with a £995 fee, down from 4.97%.

Notable changes include a 0.13% reduction in 2-year fixed rates at 75% LTV and a 0.17% drop in 5-year fixed remortgages at 80% LTV.

18/06/2024

Labour says it will make permanent a scheme designed to ensure low-deposit mortgages are available for first-time buyers, if it wins the general election.

The mortgage guarantee scheme was introduced by the Conservatives in 2021 when Rishi Sunak was chancellor of the Exchequer.

Click here to read the full article:

Sir Keir Starmer says he hopes his pledge will "turn the dream of owning a home into a reality".

13/06/2024

Labour says it will make permanent a scheme designed to ensure low-deposit mortgages are available for first-time buyers, if it wins the general election.

The mortgage guarantee scheme was introduced by the Conservatives in 2021 when Rishi Sunak was chancellor of the Exchequer.

Sir Keir Starmer says he hopes his pledge will "turn the dream of owning a home into a reality".