Connect with us

Money

Londoners now spend half of their income on their mortgages

Published

on

Londoners now spend half of their income on their mortgages

Mortgage rates have risen sharply and house prices have outpaced incomes over the past decade, so homeowners have had to borrow more to get on the property ladder.

Kim Kinnaird, mortgages director at Halifax, said a sharp rise in interest rates over the past year had pushed up mortgage repayments by around a fifth, which was “a big jump at any time, but particularly during a wider cost of living squeeze”.

Typical monthly mortgage costs have increased from £1,020 to £1,249 in the past year, based on a five-year fixed-rate mortgage with a 25-year term and a 25pc deposit.

Ms Kinnaird said: “We don’t yet know what the ‘new normal’ looks like for mortgage rates and house prices over the longer term. But we expect the market to rebalance as both buyers and sellers adjust their expectations to reflect higher costs and lower demand.”

Advertisement

House prices are widely expected to fall in the coming years as buyers adjust their budgets to higher mortgage rates. Oxford Economics, a research consultancy, said it expected prices to fall by 12.5pc from their peak last year.

Source link

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

CryptoCurrency

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week

Published

on

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week


According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch. 



Source link

Advertisement
Continue Reading

CryptoCurrency

Bitcoin options markets reduce risk hedges — Are new range highs in sight?

Published

on

Bitcoin options markets reduce risk hedges — Are new range highs in sight?


Bitcoin options market positioning shifted as BTC price shot through the $60,000 to $63,000 level. 



Source link

Advertisement
Continue Reading

CryptoCurrency

Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 

Published

on

Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 


Ether price could be on track for another correction into a triple-bottom, marking the beginning of a big rally into 2025.



Source link

Advertisement
Continue Reading

CryptoCurrency

Blockdaemon mulls 2026 IPO: Report

Published

on

Blockdaemon mulls 2026 IPO: Report


Other Web3 infrastructure platforms, such as Circle, are also mulling IPOs.



Source link

Advertisement
Continue Reading

CryptoCurrency

SEC asks court for four months to produce documents for Coinbase

Published

on

SEC asks court for four months to produce documents for Coinbase


The financial regulator requested an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions with Coinbase.



Source link

Advertisement
Continue Reading

CryptoCurrency

‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec

Published

on

‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec


Ethereum is still home to the most active crypto developers and is the most attractive chain to build applications on top of for big companies, argues Bitwise’s Matt Hougan.



Source link

Advertisement
Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.