News & insights - Moving home

Demand from property buyers showed no signs of slowing in October, pushing up house prices across all parts of the UK, according to the latest RICS UK Residential survey.

Stamp Duty Land Tax is a tax which must be paid when you purchase a property in England or Northern Ireland that is above a certain value.

The government has announced a three-tier system of restrictions to prevent the spread of COVID-19, leaving many home-movers and homeowners wondering how the new rules will affect their plans.

Keyworkers who have helped the UK through Covid-19 have been added to Swansea Building Society’s list of professionals who can benefit from lower mortgage rates.

House prices reached a record high in August according to Nationwide, cancelling out the losses seen in May and June.

Homebuyers and those looking to remortgage who want the security of a fixed rate deal may want to act sooner rather than later, as rates have started to tick up in recent weeks.

The government has confirmed it is extending the completion deadline for new homes to help homebuyers whose property purchases have been delayed due to coronavirus.

New homes and planning reforms have been pledged by the government in a bid to “build better homes where people want to live” and boost the UK’s economic recovery post-coronavirus.

The Bank of England left the base rate unchanged at 0.1% in August to support the economy’s recovery from the impact of coronavirus.

House prices jumped by 1.7% in July following the re-opening of the property market after lockdown measures were relaxed.

Homeowners with leasehold properties could find it easier to buy the freehold or extend their leases, under changes to the leasehold system proposed by the Law Commission.

Until recently there has only been a very limited range of mortgage products available for first time buyers with smaller deposits, but there are now signs of improvement.

Homebuyers throughout the UK will now benefit from lower stamp duty costs, with Scottish and Welsh governments both confirming temporary tax cuts.

On 8th July Chancellor Rishi Sunak announced a major tax cut for home buyers, with a temporary waiver of Stamp Duty Land Tax for all properties valued up to £500,000.

Nationwide, Britain’s biggest building society, has reduced the maximum amount it will lend so that it can “continue to lend responsibly”.

After re-introducing many of their deals for homebuyers with small deposits after lockdown rules eased, several lenders this week pulled their first-time buyer mortgages again temporarily.

Homeowners who have taken mortgage payment holidays to help them weather the financial impact of coronavirus may be able to extend their breaks by three months, the Financial Conduct Authority (FCA) has confirmed.

The Bank of England is reviewing whether to cut interest rates to less than zero to help stimulate an economic recovery, but has said it won’t act until it has fully assessed the impact of doing so.

Now that the property market has restarted again, lenders are busy working through the backlog of mortgage applications they put on hold when physical valuations had to cease during lockdown.

Thousands of homebuyers who had to put their moves on hold when the country went into lockdown at the end of March can now proceed with their plans

Recent weeks have proved a rollercoaster ride for the mortgage market, with several lenders withdrawing products and then expanding their ranges.

Annual house price growth rose by 3.7% in April, according to Nationwide’s latest house price index, the highest rate of annual growth for more than two years.

Some mortgage lenders have announced changes to their affordability criteria to give more clarity for those who have been furloughed due to coronavirus, or those who receive a variable income which includes bonuses.

Home-movers are being advised by the Government to put their plans on hold wherever possible whilst measures are in place to fight coronavirus.

The Bank of England cut the base rate again on Thursday to just 0.1%, its lowest ever level, in a bid to support the economy during the coronavirus crisis.