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Figures from the Office for National Statistics show the annual rate falling again in April to 3.5%, compared to 4.1% in March - the sixth consecutive monthly fall.

The average UK house price stands at £286,000, which is up £9000 in a year but down £7,000 since September 2022, when prices peaked.

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AT A GLANCE

Homeowners will not be forced to have their properties repossessed within 12 months from their first missed payments.

People will be able to switch to an interest-only mortgage for six months - or extend their mortgage term to reduce their repayments and switch back to their original term within the first six months - without an affordability check or affecting their credit score.

Customers approaching the end of a fixed-rate deal will be able to lock in a new deal up to six months ahead and be able to apply for a better deal up until the new term starts if one is available.

Those worried about their mortgage repayments can call their lender for support and information without it impacting their credit score.

Homeowners who are up-to-date with payments will be given support to switch to a new mortgage deal at the end of their existing fixed-rate deal without another affordability check.

Daily Mail

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The Bank of England has just increased interest rates by 0.5%, taking interest rates up to 5.0%

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A typical two year fixed mortgage deal has an interest rate of more than 6% for the first time since December.

Mortgage lenders have been putting up rates and pulling deals at a rapid rate in recent weeks, driving up costs for homeowners seeking new deals.

Recent high inflation and strong pay growth figures mean interest rates are now expected to rise by more than expected, pushing up borrowing costs. Rishi Sunak has appeared to rule out any extra support for homeowners.

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Borrowers face another painful interest rate hike next week after a Bank of England official said more action was likely to be needed to defeat inflation.

That will take interest rates from 4.5% to 4.75%.

Because of this, Santander has become the latest bank to pull its entire range of mortgage deals for new customers, as rising interest rates continue to wreak havoc on the housing market. Both Santander and HSBC were forced to suspend rates on new residential and buy-to-let offers after it was flooded with applications from borrowers desperate to refinance.

  1. THE FINAL CHAPTER FOR PURPLEBRICKS
  2. WHAT DOES THE NEW RENTORS' REFORM BILL MEAN FOR LANDLORDS AND TENANTS?
  3. INTEREST RATE RISE
  4. BANK OF ENGLAND SET TO INCREASE RATE AGAIN

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  • We are 100% satisfied and cannot recommend Fox Estates strongly enough. The team were extremely professional, friendly, and approachable from the minute we asked for a valuation right until completion. Their knowledge of the local area was spot on and made the difference on the sale of our house. We are grateful to Chris in particular for his attention to detail, responsiveness to emails and a willing pro-activeness to help keep things moving. I would not hesitate in recommending Fox Estates to my friends and family..

  • Chris Fox put my house on the market on June 13th and advised me to have an open house. 26 people viewed the property and I had 6 really good offers. By 3rd of August we had completed!Chris guided me through the sale with professionalism, integrity, friendliness and his extensive knowledge which can only come from spending 35 years doing a job he is still clearly passionate about.

  • Chris is very efficient and professional at all times. He made the sale of our property effortless and acted beyond the call of duty on our behalf.

  • During my career I have come across many estate agents and Chris really is a true professional, with the highest standards of integrity and professionalism I have seen. As well as having referred him to my own clients and had excellent feedback, I have personally used Chris to sell my property and I have been extremely impressed, and would recommend him to everyone.

  • I instructed Chris to sell my house and when he found a buyer the sale went through in just over 6 weeks. His service was excellent and I would recommended him to anyone. A few months later my mum instructed him to sell her house and again he found a buyer and the sale progressed to completion without a problem. Chris is very knowledgeable and professional and he will give you a very helpful, friendly and attentive service. If you are thinking about buying or selling I would suggest you give him a call

  • I employed Chris Fox to sell my parents home when my mother died last year. He handled the sales with professionalism and respect for my family. He was very eager to secure the right sale and was tenacious on our behalf. He kept us fully informed of all developments during the sale and achieved a very good outcome on our behalf. I would recommend Chris Fox wholeheartedly.

  • AFTER 4 MONTHS OF AGGROVATION WITH ANOTHER ESTATE AGENT I APPROACHED CHRIS ABOUT 2 MONTHS BACK, I EXPLAINED THAT I HATED ESTATE AGENTS, CHRIS HAS GONE A LONG WAY TO REPAIRING THAT IMAGE HAVING DONE A SPLENDID JOB IN SELLING MY HOUSE WITHIN 3 DAYS THE WHOLE PROCESS TOOK 6 WEEKS TO THE POINT I HAD MOVED EXCELLENT ATTITUDE AND A TRUE PROFESSIONAL

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