Articles
The property market reopens for business
The property market is back in business following two months of lockdown. Under new regulations, activities related to moving home are permitted, albeit under social distancing measures. So estate agents' offices are open, buyers and renters can view properties in person, show homes have also reopened and surveyors can be booked in to conduct inspections.
One in seven takes mortgage payment holiday
To date, more than 1.6 million mortgage payment holidays have been given to homeowners whose finances have been affected by the COVID-19 crisis.
One in seven mortgages is now subjected to a payment holiday, according to figures released by the trade body UK Finance. More than a third of all payment holiday approvements came during the first week of the nationwide lockdown, between March 25 and April 1. Almost 700,000 holidays were granted in April alone.
Tightening credit conditions in the mortgage market
By their very nature, predictions are an inexact science, but they can help us see which way the wind is blowing. With global economies and personal finances under increasing pressure because of COVID-19, the Bank of England's Credit Conditions Survey of banks and building societies is a useful guide to help us understand trends and developments in credit conditions.
Buying, selling and moving home during the pandemic
The COVID-19 pandemic is a human tragedy that is having a growing impact on the global economy, the full consequences of which will be unknown for some time. The UK lockdown has effectively hit the pause button on many aspects of our lives, including the property market.
Bank of England cuts the base rate to almost zero
To help businesses and UK households manage during the global coronavirus outbreak, the Bank of England slashed the base rate twice in as many weeks during the first half of March. In an emergency move, the Bank's Monetary Policy Committee cut the rate from 0.75% to 0.25% on 11 March, then eight days later, it took the unprecedented step of reducing it still further to 0.1%, the lowest level in the history of the bank.
