For those struggling to understand exactly why buy-to-let landlords are so angry about the loss of their ability to claim tax relief for mortgage interest costs, here is an interesting – if tongue in cheek – explanation
The property market sprang into life during March with the highest number of home sales since 2007, data from LSL Property Services this morning revealed.
Lenders are revising their estimates upwards for this year’s mortgage market. Trade body the Council of Mortgage Lenders says that lending this year is likely to exceed its forecast of £109bn.
Roughly one in three homes are bought with cash – the highest level for over 60 years. Both the number and proportion of cash purchases have been climbing in recent years.
House prices are continuing their inexorable rise upwards across England and Wales while the number of transactions is down, the Land Registry has reported. Meanwhile, this morning Nationwide reported that house prices across the UK went up 0.6% this month, and now stand at an average of £196,807.
In a rash of new housing information yesterday, the Office for National Statistics said property prices across the UK are 5.2% up on a year ago. The ONS said that the average house price, £298,000, is at an all-time high across England.
Rents for three-bedroom homes have risen faster than for any other type of property in the past year. The first ever Landbay Rental Index, released today, is based, where possible, on rents provided by Zoopla.
Some half of all transactions this year could be without a mortgage. According to Lloyds, just 155,000 households buying with a mortgage moved home in the first six months of this year – 9% fewer than the 171,700 in the first half of last year.
An independent broker says first-time buyers are losing out because of mortgage market regulation.
Home owners who become unintentional landlords through temporary career moves could become the accidental victims of George Osborne’s Budget clampdown on buy-to-let investors.