A High Court ruling has given hope to victims of “home hijacking” scams – where criminals pose as the owner of a building to sell it – after developer Dreamvar successfully appealed over a £1.1m fraud. The decision places liability on the seller’s solicitors for failing to carry out adequate identity checks, saying they are best-placed to verify the seller’s identity. Land Registry figures show property hijackings are increasing, with the value of successful scams climbing from £7.2m in 2013 to £24.9m a year ago.

The Daily Telegraph

Posted 17/05/2018

Research by Which? Mortgage Advisers shows that 66% of home buyers face some form of issue while purchasing a property, with one in eight coming up against a potentially deal-breaking problem on the day of completion. It found that as many as three in ten deals collapse. With this in mind the Telegraph highlights roadblocks that might pop up and how buyers can navigate them, identifying: mortgage delays; “secret sales”, where buyers are strung along by sellers as a fall back option in case another sale falls through; and invasive plants which, once discovered, can hit values or make a home unmortgageable.

The Daily Telegraph

Posted 08/05/2018

 

Halifax is offering first-time buyers and home movers £1,000 cashback for completions by June 24 – and £250 cashback for borrowers who move their mortgage to the bank.

Daily Mirror, Page: 40

Posted 01.05/2018

House prices in UK cities were up 5.5% overall in March, according to Hometrack‘s UK Cities House Price Index for March 2018, with northern cities driving growth. While house prices in London inched up 1.6%, Edinburgh led the way with an 8.8% increase in prices, followed by Nottingham and Manchester with 8% and 7.4% respectively. Liverpool, Cardiff, Leeds, Newcastle and Sheffield also recorded healthy gains over the last year. Across all of Britain’s 20 biggest cities, the average cost of a home has increased by 2.9% to £254,900 in the last quarter, the figures show. Separate data from haart suggests interest from buyers across England and Wales has increased by 22% in the last year, while supplies of homes coming up for sale have increased by just 6.5% over the same period, meaning 12 would-be buyers are grappling to snap up every property that comes onto the market.

City AM Daily Mail

Posted 26/04/2018

 

February saw 50,000 mortgages handed to first-time buyers or home movers, according to figures from UK Finance. This marks the highest level for a February since 2007. There were 25,200 new first-time buyer mortgages completed in February 2018, up about 2.4% from the same month in 2017, and 35,400 new homeowner remortgages, an 11.3% increase on February last year. The month saw 24,800 home mover mortgages completed, the same as a year earlier. There were 5,200 buy-to-let house purchase mortgages completed in the month, 8.8% down on February 2017, while the 14,100 buy-to-let re-mortgages completed marks a 20.5% increase.

The Times Daily Mail I Daily Express City AM

Posted 18/04/2018

The Land Registry has taken a step into the digital world, accepting the first mortgage deed not to have been signed with a pen and paper. A trial with Coventry Building Society will see the process for securing deeds taken online. Initially the digital system will only be available for remortgage customers.

The Daily Telegraph, Page: 10

Posted 05/04/2019

New figures have revealed that mortgage products allowing applicants to put down a deposit of just 5% have become more popular in the past year. Research from Moneyfacts showed that 307 such deals are now on the market in the UK, up from 253 last year.

BBC News

Posted 13/03/2018

 

The Times’ Carol Lewis says parents and grandparents are being deterred from helping their children and grandchildren financially because they are confused by IHT rules. A survey by Brewin Dolphin found that one in three people don’t know how much they can gift without incurring IHT. Meanwhile, the Independent reports on research by Direct Line Life Insurance which shows millions of cohabiting couples mistakenly believe that they would automatically receive their partner’s money, property and pension if they died.

The Times, Page: 63 The Independent, Page: 39

Posted 17/02/2018

 

The number of mortgages taken out by first-time buyers hit its highest level since 2006 last year, according to UK Finance, which says banks lent money to 365,000 first-timers. This marks an increase of 7.4% on 2016. The UK Finance figures showed that average first-time buyers are aged 30 and have an income of £41,000. Buy-to-Let mortgages were down 17.2% on the year previous, while remortgaging increased 8.3% year-on-year and the size of the median loan advanced continued to rise.

The Daily Telegraph, Business, Page: 4 Financial Times, Page: 18 The Guardian, Page: 38 Daily Mail City AM

Posted 14/02/2018