Scott & Goose

11/01/2024

Celebrated a little too hard in December? You're not alone.

18/11/2023

Invest in Your Personal Security

01/11/2023

According to the latest Nationwide House Price Index, UK house prices have remained steady last month but are down by 5.3% YoY, roughly a £14,500 decrease.

All regions have seen an annual decline, with the South West as the weakest performer, down by 6.3%.

❓ Why is this happening?

Mortgage approvals for house purchases in August were approximately 30% lower than the pre-pandemic monthly average in 2019. Affordability is a growing concern for the mortgage broker's clients; a typical first-time buyer with a 20% deposit would now spend 38% of their take-home pay on mortgage payments, well above the historical average of 29%.

🔭 What's the Outlook?

Experts suggest the housing market will remain under pressure due to higher interest rates affecting affordability for the mortgage broker's clients. However, the recent pause in Bank of England's rate hikes and a softening labour market could alleviate some of this pressure.

🏡 House Price Crash: Unlikely

While the commercial property sector faces severe devaluation, residential property is not expected to crash. The reasons are twofold: housing is a 'necessity,' and a large portion of the market is owned outright, unaffected by mortgage interest rates.

🔮 Silver Lining

The Bank of England's recent decision to hold interest rates could boost buyer confidence for the mortgage broker's clients. If inflation continues to wane, we may see the base rate decline, providing some respite to homebuyers and those looking to remortgage.

21/10/2023

Today’s banking customers can choose from a variety of national or smaller retail banks, credit unions and banks that operate solely online. How do you know which bank is right for you?

Make an educated decision with our list of the . https://bit.ly/3ZQgsqf

07/10/2023

I'm going Sober this October to raise funds for Macmillan Cancer Support so they can help support people living with cancer. Please support me and make a donation.

01/09/2023

01/09/2023

05/04/2023

MPC member Silvana Tenreyro expects such a move ‘to avoid significant inflation undershoot’

18/03/2023

18/03/2023

Pre-retirees tend to underestimate future Social Security benefits by nearly $2,000.

18/03/2023

Some equity release rates are being reduced contact Ian on 07944032444 for details