Price Drop
Posted by: Titlesolv
In addition to post-Brexit instability, inflated asking prices are causing the residential housing market to stall, with homeowners wrestling with the accompanying uncertainty.
Turn and face the strange of 2016
Posted by: Titlesolv
2016 was certainly a year of Changes, to quote singer/songwriter David Bowie, whose death in January was for many a portent of the tumultuous year ahead in the political and economic spheres. The three per cent rise in stamp duty on second homes and buy-to-let purchases was greeted with some dismay, particularly as the government's initial consultation had suggested that there could be an exemption for investors buying 15 or more properties.
Buy-to-let under pressure
Posted by: Titlesolv
Buy-to-let lenders are facing a double whammy, and as a result, will start to stress-test buyers at a higher threshold from January 2017.
Remortgages rise post-Brexit
Posted by: Titlesolv
Figures published by the Bank of England in the summer confirmed the predicted slowdown in the property market and subsequent fall in mortgage applications following the Brexit vote. This was in addition to the stamp duty increase on buy-to-let properties in the last Budget. In contrast however, the popularity of remortgages grew; increasing by 6% from June to July this year.
Interesting times for landlords
Posted by: Titlesolv
Landlords in the buy-to-let market have faced a double-whammy. Not only did the former Chancellor of the Exchequer introduce a new stamp duty land tax surcharge on buy-to-let properties in April, but as of 2017, tax relief on mortgage interest will be phased out to be replaced with a capped tax credit. If that wasn't enough, in response to new affordability checks currently under consultation by the Bank of England, some of the UK's biggest lenders including The Mortgage Works (TWM) and Barclays raised a key affordability threshold in the spring.
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