Additional residential rate cuts announced at Accord

Accord has announced today that it has cut the rates on selected fixed-rate products by up to 0.29%. According to the lender, the new 75% LTV products include a two-year fixed rate of 1.69% with a £495 product fee, which is available to both homemovers and remortgagors. A two-year fixed rate remortgage product is also available at 1.80% with a £495 product fee, £250 cashback on completion, free standard valuation and free standard legal fees. Jemma Anderson, residential mortgage manager for Accord,…

Auction House passes 3,000 lots sold milestone

Property auctioneer, Auction House, has announced that it has sold more than 3,000 lots this year (3,076) – passing the benchmark figure one month earlier than last year, culminating in a success rate of 74.3% and valued at more than £382m. According to the figures, October also saw the highest number of lots ever offered in a single month (681), selling 486 of them – a record for October and the group’s fourth record month in succession – with a success rate of 71.4%…

Average cost to run a home in the UK soars 18% in 12 months

New data released by home insurer, MORE TH>N, has shown that the real cost of running an average-sized home in the UK has risen dramatically over the last year for both renters and homeowners. The CORAH (Cost of Running a Home) report is in its third year and has revealed this time round that homeowners are paying on average £21,403 a year to run their homes versus £20,342 for renters. The report, which takes into account everything from mortgage or rental costs right…

Could the tenant fees ban entirely wipe out some agents’ profits?

Is it possible for letting agents to recover from the tenants fees ban? According to the latest report from Fixflo, half of agents believe they will lose between 10% and 30% of their revenue and cited this loss as their biggest challenge in 2019, while 32% said it would be winning new landlords. Most worryingly, almost half of agents (48%) said they are wondering whether to carry on because of developments in the lettings industry. This is supported by findings from the National…

Retired homeowners cashing in average of £77k through equity release

The latest data released by independent equity release adviser, Key, has revealed that equity release plans have risen by 16% during Q3 as the sector market continues to break records. According to Key’s figures, retired homeowners are boosting their finances by an average of £76,967 – a rise of nearly £5,500 during the three months to 1st October when compared with the same period last year (£71,483). The total value of new property wealth released in the three months increased by 25% on…

Weak demand and lack of stock send house price growth to lowest levels since 2013

Halifax has released its data on the UK housing market for October and revealed that during the three months to October, average house prices across the UK rose by 1.5% on an annual basis. This is down from 2.5% in September, resulting in the lowest rate since March 2013. According to Halifax, house prices in the latest quarter were 0.2% higher than in the preceding three months, and rose by 0.7% on a monthly basis following two consecutive monthly falls. Russell Galley,…