How Homes Have Got Less – And More – Affordable Since The Financial Crisis

Ten years ago, the financial crisis upended the housing market. Prices went into freefall, and many areas of the country have still not recovered – while others have seen prices soar. In the intervening years the gap between the least and most affordable areas of Britain has almost doubled, according to new research by the Yorkshire Building Society. Perhaps more surprisingly, homes in 54pc of local authorities in Britain are now more affordable than they were in 2007. This is despite the fact that the average house price in Britain has risen 21pc in the same period. Read more on the Daily Telegraph website.

Building Society Launches Record Low 0.89% Mortgage Rate

Britain’s lowest-ever mortgage rate has been launched, priced at 0.89% for two years. The new move by the Yorkshire Building Society suggests that competition in the home loans market may be intensifying. The previous lowest rate was 0.98%. The Yorkshire’s claim to be offering an “all-time low” rate was verified by the financial data provider Moneyfacts, but is not fixed. It is pegged to the society’s standard variable rate (SVR), offering a discount for two years, so it is not for homebuyers looking for the certainty of fixed monthly payments. The deal is also restricted to people needing to borrow no more than 65% of the value of their property and who are happy to pay a fee of £1,495. Read more on the Daily Express website.