Latest news with #Donnell
Yahoo
02-06-2025
- Business
- Yahoo
UK mortgage approvals drop for third month in a row
The number of mortgages approved by UK lenders for home purchases dropped more than anticipated in April as the end of a tax break on stamp duty cooled demand, according to data from the Bank of England. Net residential mortgage approvals fell for the third consecutive month, declining by 3,100 to 60,500, below economists' expectations. In contrast, remortgaging activity picked up, with approvals for switching to a new lender rising by 1,600 to 35,300 in April, following a similar increase the previous month, according to the BoE's Money and Credit report. A stamp duty holiday ended in March, with recent figures showing there was a stampede to get sales over the line before the deadline, followed by a transactions dip. HM Revenue and Customs (HMRC) figures published last week showed an estimated 64,680 house sales took place in April – 64% lower than the 177,440 reported in March. The study indicated the figures had been affected by changes to stamp duty rates which apply in England and Northern Ireland. The average interest rate on newly drawn mortgages edged down slightly to 4.49% in April, but the cost of existing home loans rose slightly to 3.86% from 3.84% in March. Richard Donnell, executive director at Zoopla, attributed April's dip in approvals in part to the timing of Easter. 'A slowdown in demand for mortgages in April reflects the impact of a late Easter,' he said. 'We expect mortgage data for May to increase in line with a pick-up in new sales being agreed, which are running at their highest level for four years.' Read more: UK house prices rise in May as higher wages, low unemployment boost market Donnell also pointed to easing lending standards as a contributing factor: 'A key factor is also lenders relaxing affordability tests, which is delivering the average home buyer up to 20% more borrowing capacity compared to a few months ago. We expect a busy June as buyers look to secure sales before the summer holidays kick in.' Net borrowing of mortgage debt decreased sharply by £13.7bn to -£800m in April. That followed an increase in net borrowing by £9.7bn to £13bn in March, as buyers rushed to complete transactions ahead of the new stamp duty charges that took effect in April. Gross lending tumbled to £16.9bn in April from £39.9bn the previous month — the steepest monthly decline since June 2021. Gross repayments also fell, to £18.4bn from £23.7bn. Nathan Emerson, chief executive of industry body Propertymark, suggested that affordability concerns were weighing on buyer sentiment. 'As the global economy continues [to] find a new balance, many people are acutely aware there could be challenges ahead regarding overall affordability when approaching the buying and selling process,' he said. 'We are starting to see more competitive mortgage deals from key lenders, but the eligibility criteria in some cases remains extremely rigid and limited. Many people may have also been temporarily deterred from potentially moving house following stamp duty threshold hikes across England and Northern Ireland from the start of April.' The BoE data also showed a rise in consumer credit borrowing, which increased from £1.1bn in March to £1.6bn in April. The annual growth rate in consumer credit climbed by 0.5 percentage points to 6.7%. The effective interest rate on new personal loans rose to 8.69%, up 29 basis points on the month. Read more: FTSE 100 LIVE: Markets slide as China accuses US of violating trade deal Alice Haine, personal finance analyst at Bestinvest by Evelyn Partners, said: 'Borrowers with a collection of debts they are struggling to repay would be wise to plan an exit strategy from a life on credit. Whether it's a redraft of a household budget or seeking guidance from a free debt counsellor, getting on top of liabilities is key to long-term financial resilience and being able to save for life's major goals such as retirement. "The sharp jump in household bills in Awful April served as a reminder that living costs can quickly spiral upwards, which is why getting to grips with personal finances is key.'Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-06-2025
- Business
- Yahoo
UK mortgage approvals drop for third month in a row
The number of mortgages approved by UK lenders for home purchases dropped more than anticipated in April as the end of a tax break on stamp duty cooled demand, according to data from the Bank of England. Net residential mortgage approvals fell for the third consecutive month, declining by 3,100 to 60,500, below economists' expectations. In contrast, remortgaging activity picked up, with approvals for switching to a new lender rising by 1,600 to 35,300 in April, following a similar increase the previous month, according to the BoE's Money and Credit report. A stamp duty holiday ended in March, with recent figures showing there was a stampede to get sales over the line before the deadline, followed by a transactions dip. HM Revenue and Customs (HMRC) figures published last week showed an estimated 64,680 house sales took place in April – 64% lower than the 177,440 reported in March. The study indicated the figures had been affected by changes to stamp duty rates which apply in England and Northern Ireland. The average interest rate on newly drawn mortgages edged down slightly to 4.49% in April, but the cost of existing home loans rose slightly to 3.86% from 3.84% in March. Richard Donnell, executive director at Zoopla, attributed April's dip in approvals in part to the timing of Easter. 'A slowdown in demand for mortgages in April reflects the impact of a late Easter,' he said. 'We expect mortgage data for May to increase in line with a pick-up in new sales being agreed, which are running at their highest level for four years.' Read more: UK house prices rise in May as higher wages, low unemployment boost market Donnell also pointed to easing lending standards as a contributing factor: 'A key factor is also lenders relaxing affordability tests, which is delivering the average home buyer up to 20% more borrowing capacity compared to a few months ago. We expect a busy June as buyers look to secure sales before the summer holidays kick in.' Net borrowing of mortgage debt decreased sharply by £13.7bn to -£800m in April. That followed an increase in net borrowing by £9.7bn to £13bn in March, as buyers rushed to complete transactions ahead of the new stamp duty charges that took effect in April. Gross lending tumbled to £16.9bn in April from £39.9bn the previous month — the steepest monthly decline since June 2021. Gross repayments also fell, to £18.4bn from £23.7bn. Nathan Emerson, chief executive of industry body Propertymark, suggested that affordability concerns were weighing on buyer sentiment. 'As the global economy continues [to] find a new balance, many people are acutely aware there could be challenges ahead regarding overall affordability when approaching the buying and selling process,' he said. 'We are starting to see more competitive mortgage deals from key lenders, but the eligibility criteria in some cases remains extremely rigid and limited. Many people may have also been temporarily deterred from potentially moving house following stamp duty threshold hikes across England and Northern Ireland from the start of April.' The BoE data also showed a rise in consumer credit borrowing, which increased from £1.1bn in March to £1.6bn in April. The annual growth rate in consumer credit climbed by 0.5 percentage points to 6.7%. The effective interest rate on new personal loans rose to 8.69%, up 29 basis points on the month. Read more: FTSE 100 LIVE: Markets slide as China accuses US of violating trade deal Alice Haine, personal finance analyst at Bestinvest by Evelyn Partners, said: 'Borrowers with a collection of debts they are struggling to repay would be wise to plan an exit strategy from a life on credit. Whether it's a redraft of a household budget or seeking guidance from a free debt counsellor, getting on top of liabilities is key to long-term financial resilience and being able to save for life's major goals such as retirement. "The sharp jump in household bills in Awful April served as a reminder that living costs can quickly spiral upwards, which is why getting to grips with personal finances is key.'Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
UK homeowners selling for 4.5% below asking price, survey shows
UK homeowners are agreeing to sell for about £16,000 below the average asking price amid the busiest month for home sales since the pandemic boom, according to a leading property website. House sales have climbed by 6% this month compared with May last year, Zoopla found, and 13% more homes came on to the market, giving buyers more choice and helping to boost activity. The fastest rate of sales in four years was helped by falling mortgage rates and changes to how lenders assess affordability – which mean some buyers can borrow up to 20% more. The average UK home now costs £268,250 – 1.6% more than a year ago – an increase of £4,330 over 12 months, according to Zoopla's house price index. But despite the rebound, following the end of stamp duty breaks in April and a post-Easter slowdown, the typical home is still selling for about 4.5% less than the asking price, with the average asking price now standing at £367,000. Zoopla said the gap has remained stable in recent months and urged sellers to keep their pricing expectations in check. 'There are more homes coming to market, giving buyers more choice, and sellers need to remain realistic on price,' said Richard Donnell, executive director at the property site. In England, the strongest annual price growth is in the north-west, where cities such as Manchester and Liverpool are pushing up values in surrounding areas. In Blackburn, average prices are up 5.8% over the past year, followed by Wigan (4.4%) and Birkenhead (4.1%). House prices in Manchester are up 2.5%, and in Liverpool by 3%. The south of England is seeing slower price growth, with larger rises in the number of homes for sale helping to temper price inflation. The number of homes for sale is up 21% in the south-west, 17% in London, and 15% in the south-east compared with a year earlier. As a result, annual price growth across the south is now under 1%: ranging from 0.5% in the south-east to 0.9% in the south-west. In Scotland, prices have risen by an average of 2.9% year-on-year, while the number of homes for sale is up 5%. In north-west England, where supply has increased by just 3%, stronger sales activity is supporting faster price rises. Donnell said: 'More homes for sale means more buyers looking to move. This, coupled with more attractive mortgage deals and changes to how lenders assess affordability, is supporting an increase in the number of sales being agreed. 'We expect sales to keep rising over the second half of the year, with UK home values on track to be 2% higher by the end of 2025.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-05-2025
- Yahoo
Nacogdoches police searching for missing non-verbal autistic 15-year-old
NACOGDOCHES, Texas (KETK) – The Nacogdoches Police Department is currently searching for 15-year-old non-verbal autistic boy named Donnell. UPDATE: Nacogdoches mayor Johnson wins reelection against challenger Kozash Donnell, a Black 15-year-old boy, was last seen at around 3 p.m. on Sunday near the 1200 block of East Main Street in Nacogdoches. He was last seen wearing a green shirt and blue pajama pants. 'Donnell is a non-verbal autistic child who likes to take walks on sunny days,' the Nacogdoches Police Department said. 'Due to the length of time he has been gone, he could have made it quite a distance. Please be on the look out.' Nacogdoches Police Department and Nacogdoches Fire Department staff are currently searching for Donnell in the area of 1200 East Main Street. Anyone who see's Donnell is asked to call 911 or Nacogdoches Police Department at 936-559-2607. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
01-05-2025
- Business
- Yahoo
London has become the hardest city to sell a home
Are you struggling to sell your London home? Share your story by emailing money@ For decades, London homeowners couldn't believe their luck as their investments snowballed in value. Everybody wanted a piece of the London property market and sellers had the power to dictate ever-higher prices. Between 1995 and 2015, the average price of a home in London leapt from £79,000 to £480,000, a 500pc increase, according to Land Registry data. Over the same period, the S&P 500 index – which measures the performance of large American stocks – increased by 160pc. During this golden age for house prices, even the most shrewd investors that managed to consistently outperform the stock market could have only dreamed of these kinds of returns. Today, the picture looks very different. Of the 10 hardest postcodes to sell a house in, eight are in London, according to property analytics firm TwentyCi. Regionally, the South East edges London as the toughest to sell a house in, while Scotland ranked as the easiest. The firm used five criteria to rank how difficult it was to sell a property, such as the final sale price compared with the original asking price, how likely properties were to sell and how quickly they sold. So how did London go from a safe haven for property investors to overwhelmingly a buyers' market? In terms of house prices, London has struggled immensely in recent years. The average price of a flat has not risen in a decade according to Zoopla data and a period of high inflation means that it has actually fallen by around a quarter in real terms. In the prime market – meaning properties worth around £1m or more – the reality is even more grim. Across prime central London, property prices have fallen 21pc from their peak a decade ago, or 42pc in real terms, according to data from estate agency Savills. This means that London's market was starting from an overinflated position in 2015, explains Richard Donnell, the chief executive of property portal Zoopla. 'There was a huge inflow of Europeans coming to London to work, mortgage rates were low, the economy was on fire. Between 2014 and 2015, house price inflation was 20pc. Now that interest rates are much higher, the market is adjusting to that.' As a global city with an expensive property market, London has been particularly vulnerable to a succession of major events, Mr Donnell adds. 'It has been very volatile over the last 10 years. The Brexit vote hit London really hard in 2016, as there were lots of Europeans coming here to work, and caused a lot of uncertainty among some buyers. Then there was a pandemic, which hit London especially hard and closed the market down, followed by unsustainable levels of demand, which saw prices spike. 'More recently we have had higher interest rates, which has stopped a lot of people from moving – first after Liz Truss' infamous mini-Budget, then 2023. Higher mortgage rates hit harder where house prices are also much higher. You need a much bigger deposit and salary to be able to buy. 'London's economy is slowly being redefined – a lot of banks are relocating jobs overseas. The cool Britannia days are behind us.' Following a decade of turbulence, current conditions and fears of a recession are doing little to inspire confidence in buyers, explains one West Hampstead estate agent, who does not wish to be named. 'The week Trump brought in the tariffs, the market went really quiet. People need a bit of confidence – they're worried about moving. 'It's definitely a buyers' market, and it's quietened down a lot recently. Just after Christmas it got really busy with people trying to get in before the stamp duty hike, but it had started to tail off before that. 'We're seeing a lot of properties sell below the asking price, with discounts of between 3pc and 5pc. The uncertainty is a really big thing. People think interest rates are going to come down later this year and they're holding out for that. A house is the most expensive thing they're ever going to buy – do they want to do that in these conditions?' Interest rates having remained stubbornly high since 2022 does not just affect mortgage-backed buyers, adds Stuart Bailey, the head of London super-prime sales at estate agent Knight Frank. 'Cash buyers' sentiment and strategy is affected by mortgage interest rates. If they are sat in cash thinking that other buyers are waiting for rates to fall, they're going to try and negotiate a lower price themselves.' Tougher conditions for landlords has also been pushing them to market, congesting the supply and increasing competition for sellers. Rental yields are also higher further afield, with landlords in northern cities such as Manchester and Newcastle netting annual returns of more than 6pc compared to less than 4pc in London, according to analysis of government data by software provider Cohab. This makes other cities much more attractive for buy-to-let customers, as well as making existing London landlords frustrated by low yields. 'One in eight of our listings is a formerly rented property, so there's also an undercurrent of landlords selling – though the bulk of that has already happened,' adds Mr Donnell. By changing the non-dom scheme and raising capital gains tax, the Government is driving prime customers away from the capital, says Mr Bailey. 'Historically, we have had an affinity with a lot of Americans and people from the Middle East. There has been a boringness and a stability about London, a sense that it is a safe haven. 'But that is dissipating – wealth is leaving the UK. From my perspective on the shop floor, I'm seeing wealthy, mostly self-made people who are buyers leaving the UK or talking about it. So the Government has to be careful.' Nonetheless, Mr Bailey remains optimistic. 'London is still attractive – some people go, some people come. The prime market hasn't been great, but a 20pc fall over a decade isn't a crash. We're now sitting at a low ebb, a flatlining moment, where many people think it might be a good time to buy,' adds Mr Bailey. 'Interest rates are still a bit high and they should be coming down a bit more. We want to see affordability ease up, interest rates fall and then prices can go up again – and the shoe shifts from the buyer to the seller.' But for now, sellers should continue to be realistic about the value of their homes in order to achieve a sale, says Mr Donnell. 'The buyers' market is keeping people honest – sellers are not pushing prices as much as they used to. They've got to be much more honest about what the value of their property is.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
