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As tax changes force landlords out of the market, lenders are lowering their buy-to-let rates to lure in new business. The average two-year fixed rate buy-to-let mortgage rate has dropped from 3.09% two years ago to 2.90% at present, with the average five-year fixed rate down from 3.77% two years ago to 3.40% in October. Top for two-year fixed rates is Sainsbury’s Bank, with a 1.40% interest rate at 60% loan-to-value and a £1,745 fee, while top for five-year fixed rate deals is The Mortgage Works, which is offering a 1.99% interest rate at 50% loan-to-value and a £2,335 scheme fee.
Source: Daily Mail (10/10/2018)
Britain's most expensive home, in one of the country's most exclusive locales, has been snapped up for a landmark £160m. The owner, listed as two companies based in Guernsey, used an £80m mortgage from Credit Suisse UK to pay for the penthouse at One Hyde Park. One Hyde Park in Knightsbridge was developed by property tycoon brothers Nick and Christian Candy, and is among the most expensive pieces of real estate in Britain.
Source: Daily Mail (10/10/2018) The Times (10/10/2018)
A final tranche of 35 apartments at Telford Homes’ Liberty Building has just been placed on the market, with properties available from £785,000. Opposite Crossharbour DLR for connections to Bank and Lewisham, and just a 15-minute walk from Canary Wharf, the development has two and three-bedroom homes available, all with balcony space, as well as a 2,658 sq ft three-bed penthouse arranged over the 24th and 25th floors. The first properties in the development are expected to be complete in December 2018.
Evening Standard (02/10/2018) The Wharf (002/10/2018)
UK house prices grew 2% year on year for September, Nationwide has said, up 0.3% from August to September to an average of £214,922. England had the slowest rate of annual growth, at 1.4% for the quarter, with Northern Ireland up 4.3%, and Scotland and Wales’ growth rates slowing 2.1% and 3.3%, respectively, while London house prices fell 0.7% year-on-year to £468,544 for September.
City AM (02/10/2018) Financial Times (002/10/2018) The Daily Telegraph(02/10/2018)
HMRC figures show that stamp duty on residential property climbed 10% in the last tax year, hitting a record total of £12.9bn, with London homes accounting for 39% of the total. Nationally almost £9.3bn in stamp duty was paid on residential purchases, while £3.63bn was raised from commercial property transactions. Tax on second homes and investment or buy-to-let properties raised £4.06bn. The HMRC data also shows that since stamp duty was scrapped for first-time buyers buying properties costing less than £300,000, 69,100 buyers have benefitted from the concession. First-time buyers in London saved an average of £4,300.
The Daily Telegraph (28/09/2018) Financial Times (28/09/2018) Evening Standard 28/09/2018)
Figures indicate that mortgages rates across the board – for first-time buyers, remortgaging, and buy-to-lets – remain low. Research from Moneyfacts suggests that average two-year fixed rates have now dipped below 2.5%, with deals available for as little as 1.39% - only 0.64% over the base rate.
Daily Mail (01/10/2018)