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Mortgage rates are starting to creep up and the choice of fixed-rate and variable deals is shrinking, according to Moneyfacts.co.uk. The website said that following historic lows reached last month, average rates are starting to increase. Average two- and five-year fixed rates across all deposit sizes have increased by 0.09 percentage points since the start of July, to stand at 2.0% and 2.34%, while low deposit loans have seen more significant rate increases.
The Independent (10/08/2020) Yorkshire Post (10/08/2020)
Standing near the ExCeL exhibition centre, less than 100 yards from the water, lies The Botanist, part of the new 796-home Royal Eden Docks development that seeks to “incorporate nature in its architecture”. The latest phase of the project, The Botanist’s green credentials include communal gardens and planted rooftops, featuring a running track and “reflexology walkway”. A quarter of the site is green space, including raised lawns and wildflower meadows plus outdoor activity areas. Prices at the 83-home development start from £417,000.
Evening Standard (31/07/2020)
UK house prices saw their biggest rise in 11 years last month, with the market bouncing back as it reopened after the coronavirus lockdown. Nationwide said prices climbed 1.7% in July, the biggest increase since August 2009. The average price of a home sold in July was £220,936, up from £216,403 in June. Nationwide's chief economist Robert Gardner said: "The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions." However, he warned that July’s increase may prove to be “something of a false dawn”, saying that activity could be dampened if, as many forecasters expect, labour market conditions “weaken significantly” in the wake of the pandemic and as government support schemes wind down.
Sky News (31/07/2020) BBC News (31/07/2020) Daily Mail (31/07/2020) The Daily Telegraph (31/07/2020)
There are tentative signs that first-time buyer mortgages are beginning to return, but borrowers are being hit by higher costs and more restrictions from banks. Figures published by industry analyst Defaqto show that ten new 90% mortgages have launched in the last three weeks, and small deposit customers now have a choice of 28 loans from providers including First Direct, HSBC, Metro Bank and Nationwide. But the lack of competition means that interest rates are significantly higher than those for customers with larger deposits.
The Daily Telegraph (05/08/2020)
The Government has announced a small extension to the Help to Buy equity loan scheme to allow for delays caused by the coronavirus crisis. While the building deadline for new homes sold through the scheme will be extended by two months, from the end of December 2020 to the end of February 2021, the March 31st 2021 deadline for sale completions remains. However, for buyers who have seen severe delays and reserved properties before June 30th, the deadline to complete purchases has been pushed back to the end of May 2021.
The Sunday Telegraph (01/08/2020) The Sunday Times (01/08/2020)