Hanging tough
Posted by: Titlesolv
Concluded in late June, Theresa May's deal with the DUP for a 'confidence and supply' arrangement within the House of Commons has attempted to bring a degree of certainty to an otherwise uncertain climate. Following calls for the Prime Minister to resign after a very disappointing General Election result, it seems that Theresa May's position has been bolstered for the time being.
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.
House prices defy expectation
Posted by: Titlesolv
After the initial shock of the Brexit result in June, there is a growing consensus amongst surveyors and estate agents that the housing market is recovering. The Royal Institute of Chartered Accountants (RICS) reported that 12% more of its members had noted house prices rising rather than falling in August, up from 5% in July.
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.
Most Popular
Tags