Housing market ‘urgently needs stimulus’ as BoE reveals 14.9% fall in mortgage approvals
The latest Money and Credit report from the Bank of England reveals a 14.9% drop in net mortgage approvals for house purchases, down to 56,205 in May from 66,034 in April. This was below the average of 63,300 over the previous six months, and the lowest since December 2023, when approvals fell to 52,600. Approvals […]
Buyer demand down 15% amid rising costs and ongoing political uncertainty
Buyer demand has dropped 15% compared to this time last year, with sales agreed falling 7%, Zoopla’s May house price index reveals. After months of cautious optimism, higher borrowing costs and ongoing political uncertainty are now having an unmistakable impact on the housing market, with three in five homes listed since January still on the […]
Majority of home buyers ‘expect a response from conveyancer within 24 hours’
Home buyers have little tolerance for poor communication during the conveyancing process, new research from Lyons Bowe solicitors shows. Three quarters of respondents (75%) to a survey commissioned by the firm said they expect a response from their conveyancer within 24 hours when they ask a question, with just 6% willing to wait longer than […]
FCA introduces landmark crypto standards
Firms supporting people to buy, trade and hold crypto will need to meet clear standards under landmark rules set out by the Financial Conduct Authority (FCA). All firms must meet financial resilience requirements including capital and stress testing. The FCA is also introducing new market integrity rules covering areas such as insider trading and market manipulation. The new framework also sets out specific rules for stablecoins, a type of cryptoasset designed to maintain a stable value, typically by being […]
Generation Z and Millennials have different home buying fears, survey reveals
Generation Z fear the “hidden cost” of home buying while Millennials are more worried about repairs, a new survey suggests. Research conducted by the Mortgage Advice Bureau (MAB) suggests first time buyer concerns shift significantly by age. For buyers aged 18-24 “hidden costs” such as stamp duty, legal fees and moving expenses are the biggest […]
What is the Land Data Trust Framework and why is it important?
Land Data chief executive Fiona Barron explains how the next generation National Land Information Service (NLIS) is incorporating data principles into the build, and why it’s important for conveyancers and property professionals. As the Next Gen NLIS programme reaches another major milestone, with the initial platform build complete and user testing under way, Land […]