June has been a pivotal month for many homeowners in the UK. Interest rates have once again risen to 5%, causing frustration and anxiety for many individuals. Numerous mortgage deals have been retracted, and, for the first time, the two-year fixed mortgage has exceeded the 6% threshold. Additionally, the ongoing exodus of landlords from the market has kept House Buy Fast extremely occupied during this exceptionally scorching June. We are proud to highlight that we received great coverage in various media outlets last month. In case you missed it, here is a recap of our publications:
This is bad news for those hoping to buy a home or remortgage an existing one, some 800,000 people are expected to be in this position during the next year. It is now obvious why banks have been busy pulling mortgage deals in recent weeks, the writing was on the wall – mortgages are about to become a lot more expensive and there will not be any respite in the near future.
Estate Agent Today
As many landlords exit, property supply will increase. There are fears that the market is simply propped up on cheap borrowing and when that stops, the market will tumble.
There is a growing trend toward bathrooms becoming a personal sanctuary and one that many want to invest in now, despite the extra cost
Jonathan Rolande, property expert, told GB News that the Chancellor of the Exchequer “was damned if he did and damned if he didn’t” take action on rising mortgage costs.
Anything but laser-targeted help will fuel inflation so it’s a tightrope the Government has to walk very carefully.