Latest news with #Donnell
New Straits Times
30-07-2025
- Business
- New Straits Times
UK lenders approve more mortgages, consumers borrow more
LONDON: British lenders approved more mortgages than expected last month, adding to signs that the housing market has recovered from a dip after the expiry of a tax break for homebuyers, and consumers also upped their borrowing, data showed on Tuesday. The Bank of England said 64,167 mortgages were approved in June, up from 63,288 in May. A Reuters poll of economists had pointed to 63,000 approvals during the month. The expiry in April of a discount on the stamp duty paid by some homebuyers led to a drop in approvals to just over 60,000 that month before a recovery in May and June. Richard Donnell, executive director at real estate website Zoopla, linked the rise in demand for mortgages to stable borrowing costs. "Zoopla data shows unusually high levels of housing market activity for the early summer with sales agreed up 8 per cent on last year and 11 per cent more buyers in the market," Donnell said. "We expect increased housing activity to support demand for mortgages in the rest of the year." The BoE also said unsecured consumer borrowing increased by 1.417 billion pounds (US$1.89 billion) in June, stronger than the median forecast for a 1.2 billion-pound rise in the Reuters poll of economists and up from May's rise of 920 million pounds.
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.
