Posts by Rightmove
Rightmove’s weekly mortgage tracker + reaction to rate cuts
Matt Smith, Rightmove’s mortgage expert said: “Mortgage rates this week have slightly reduced compared to last week, as lenders are starting to respond to recent positive news about the UK economy and the prospect of the first base rate reduction later in the summer. As we’ve seen some high-profile rate cuts from high street lenders this…
Read MoreAverage first-time buyer mortgage payment up 61% since last election
Rightmove’s latest first-time buyer study highlights that the average first-time buyer mortgage payment has risen by 61% since the last election year of 2019, from £667 to £1,075 per month as rates remain elevated The average first-time buyer mortgage payment has significantly outpaced wage growth, which is up by 27% over the same five-year period…
Read MoreRightmove reaction to inflation data & latest mortgage rates
Matt Smith, Rightmove’s mortgage expert said: “Hopefully today’s inflation drop is the first step on the journey towards lower mortgage rates in the second half of the year. Market expectations are still that the first Bank of England rate cut is more likely to be later in the summer rather than tomorrow, but at least today’s…
Read MoreRightmove House Price Index 17th June 2024
Market maintains momentum despite more tentative top-end The average price of property coming to the market for sale drops by just £21 this month (0.0%) to £375,110 after reaching a record high in May, as prices in June follow their familiar seasonal pattern of recent years and remain flat: Less expensive and more northerly…
Read MoreRightmove reaction to this morning’s housing policies
In response to this morning’s proposed housing pledges, Tim Bannister, Rightmove’s property expert said: “It’s good to see housing get more focus and attention. Some of the proposals announced this morning sound like a start, but there’s still scope to go further in helping the majority of first-time buyers or removing barriers to movement. “Stamp…
Read MoreRightmove comment and data in reaction to mortgage guarantee scheme + stamp duty
Rightmove comments on Labour’s proposed mortgage guarantee scheme and the Chancellor’s comments on Stamp Duty. Tim Bannister, Rightmove’s property expert said: ‘We welcome policies and innovations which are trying to help more first-time buyers onto the ladder. However we know from our own research that policies like the mortgage guarantee scheme have limitations, and…
Read MoreRightmove’s weekly mortgage tracker 5/6/24
With the election called for July 4th, Matt Smith, Rightmove’s mortgage expert suggests a review of mortgage affordability criteria could help: “There’s an opportunity to unlock greater affordability in a responsible way, which could help more first-time buyers get on the ladder. First-time buyers are already taking out longer mortgage terms and lender innovation has…
Read MoreRightmove reaction to lack of housing discussion in first live TV debate
In response to the extremely limited housing policy discussion in last night’s TV debate, Rightmove’s property expert Tim Bannister said: “At a time when house prices and rents are at record highs, it’s really disappointing to see that housing barely got a look in during last night’s debate. People need to hear much more about…
Read MoreRightmove: Proposed priorities for next govt, from stamp duty reform to greater green incentives
Rightmove’s pre-election report: proposed priorities for next government Accelerating house-building, first-time buyer support, stamp duty reform & greater green incentives Ahead of July’s general election, Rightmove suggests four areas of the housing market that need to be addressed to help people move home: Accelerating house-building for sale and to rent, along with longer term…
Read MoreRightmove’s weekly mortgage tracker 30/5/24
Headlines The average 5-year fixed mortgage rate is now 04%, up from 4.63% a year ago The average 2-year fixed mortgage rate is now 41%, up from 4.97% a year ago The average 85% LTV 5-year fixed mortgage rate is now 01%, up from 4.55% a year ago The average 60% LTV 5-year fixed mortgage…
Read MoreRightmove story: Home-movers undeterred by election
Majority of home-movers undeterred by election New insight among home-movers shows 95% say the upcoming election will not affect their moving plans Rightmove data from previous elections shows that the market remained steady: In 2015, demand from buyers was consistent leading up to the election, and experienced a post-election boost in June when the annual…
Read MoreRightmove’s weekly mortgage tracker 22/5/24
Matt Smith, Rightmove’s mortgage expert said: “Today’s inflation drop feels like an important milestone on the road to the first Base Rate cut. There’s been some to-ing and fro-ing over whether we’ll see a summer Base Rate cut, but today’s news will likely reinforce some of the positive words coming from the Bank of England…
Read MoreRightmove House Price Index: Record asking prices driven by pent-up demand
The average price of property coming to the market for sale reaches a new record of £375,131, rising by 0.8% (+£2,807) in the month, as the momentum of the Spring selling season exerts some modest upwards price pressure : The market remains price-sensitive with average asking prices just 0.6% higher than a year ago The…
Read MoreRightmove’s weekly mortgage tracker – 15/05/24
Headlines The average 5-year fixed mortgage rate is now 5.02%, up from 4.59% a year ago The average 2-year fixed mortgage rate is now 5.42%, up from 4.92% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.95%, up from 4.56% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.53%, up from 4.27% a year ago The average monthly mortgage payment on…
Read MoreRightmove comment on Base Rate hold
The Bank of England holds interest rates at 5.25% despite hopes of a cut after a majority decision of 7-2 at its Monetary Policy Committee voted in favour of keeping the status quo at a meeting yesterday. Homeowners hoping for a drop in their mortgage repayments will be disappointed by the Bank of England’s decision…
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