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STV News
16-05-2025
- Business
- STV News
Scots city 'most popular' with US house hunters amid jump in inquiries
A jump in inquiries from United States-based house hunters about homes for sale in the UK has been recorded by Rightmove. The number of inquiries stemming from the US about homes for sale in the UK since the start of the year (covering 2025 so far up to the first week of May) is nearly a fifth (19%) higher than the same period last year, the website said. Rightmove suggested that the impacts of global economic uncertainty are now being seen on the UK property market, following US President Donald Trump's announcements about tariffs. Homes in Edinburgh are most commonly grabbing the attention of US-based buyers this year so far, Rightmove's figures suggest, followed by properties in various London locations. The number of US-based inquiries for the period is the highest that Rightmove has recorded since 2017. The data includes people inquiring about relocating to the UK from the US or purchasing a second home or buy-to-let property in the UK. However, Rightmove said the US-based inquiries it is seeing are mainly relating to smaller homes with two bedrooms or fewer, suggesting that Americans are seeing UK properties as a possible opportunity for an investment or holiday home, rather than a permanent relocation. The website also said that the US house hunter focus on Scotland marks a departure from the longer-term trend, with London having typically generated the most interest from US buyers over the past 10 years. It suggested that lower property prices in Scotland may be attracting some potential buyers. As well as Edinburgh, Glasgow is also one of the most common locations for inquiries from the US. Glasgow currently sits above the London boroughs of Islington and Kensington and Chelsea for US house hunter inquiries. Colleen Babcock, a property expert at Rightmove, said: 'President Trump's tariff announcements have led to more economic uncertainty globally, and we're starting to see some of the effects of this on the UK property market. 'Whether it's because the UK is seen as a more stable investment opportunity, or whether some buyers are considering a permanent move across the Atlantic, we're seeing an increase in inquiries from the US. While a really interesting trend, it's important to note that only a very small percentage of all UK inquiries come from the US.' Toby Leek, president of property professionals' body NAEA (National Association of Estate Agents) Propertymark, said parts of the UK 'come at an affordable price for many overseas buyers', as well as being picturesque. He said: 'Scotland is likely to be particularly popular due to its scenic landscapes and the fact that the average home is around £100,000 less compared to that in England. 'In some ways, those who are looking for a rural escape may see this as providing more for their money.' Glynn Gibb, regional director at property firm John D Wood & Co, said: 'We've certainly seen a steady rise in inquiries from American buyers in prime central London, particularly over the past 12 months. 'While it's not a dramatic uptick, there's a noticeable trend of high net worth individuals looking to move capital into what they see as a safe and stable market. 'For many US clients, London represents both a safe haven and a strategic investment.' He added: 'London's culture and global connectivity make it an ideal springboard to Europe and beyond. Many are basing themselves here temporarily – often staying with friends – while they work out how long they plan to stay. 'For those expecting to remain less than five years, renting can often make more financial sense, especially when stamp duty is taken into account.' Here are the top 10 UK locations for inquiries from US house hunters, according to Rightmove, with the top locations for 2025 so far followed by the 2014-2024 long-term average in brackets: Edinburgh, Scotland (Westminster, London) Westminster, London (Edinburgh, Scotland) Camden, London (Kensington and Chelsea, London) Glasgow, Scotland (Camden, London) Islington, London (Glasgow, Scotland) Kensington and Chelsea, London (Cornwall, South West England) Highland, Scotland (Highland, Scotland) Argyll and Bute, Scotland (Argyll and Bute, Scotland) Fife, Scotland (Fife, Scotland) Tower Hamlets, London (Tower Hamlets, London) Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Yahoo
27-02-2025
- Business
- Yahoo
Later life mortgage lending jumped in the fourth quarter of 2024
Some 35,840 new home loans were handed out to older borrowers in the fourth quarter of last year, marking a 28.2% annual increase, according to UK Finance. Its later life mortgage lending report, which covers borrowers aged over 55, showed that lending totalled £5.6 billion in the fourth quarter, which was 38.6% higher compared with the same quarter a year earlier. Within the total, there were 5,700 new lifetime mortgages advanced during the fourth quarter, up by 6.7% annually. The value of this lending was £510 million, which was a 24.4% increase compared with the same quarter a year previously. Some 343 retirement interest only mortgages were advanced in the fourth quarter, up 35.6% annually. The value of this lending was £35 million, which was up by 34.6% compared with the same quarter a year previously. A retirement interest only mortgage allows borrowers to pay just the monthly amounts of interest throughout the term of the mortgage until either the death of the last remaining borrower or when the last remaining borrower moves into long-term care. With lifetime mortgages, monthly payments are not required. The mortgage is repayable upon death of the last remaining borrower or when the last remaining borrower moves into long term care. The interest accrues over the lifetime of the mortgage. However, many lenders will allow borrowers to make full or partial interest payments on a monthly or occasional basis. Some previous concerns have been raised about how borrowing into later life could affect people's retirement plans. Older borrowers may also need to consider how the loan might affect the amount of wealth they may have to pass on to younger generations. UK Finance's total lending figures also include general homeowner and buy-to-let home purchase loans and remortgaging. Toby Leek, NAEA (National Association of Estate Agents) Propertymark president, said: 'Even with interest rates at relatively high levels, this report demonstrates that older people still feel confident enough to borrow money to finance their future home purchases. 'This trend is being reflected across all buyers, with the Bank of England's Money and Credit Report for December 2024 finding that net mortgage approvals increased to 66,500 in December. 'However, with the economic landscape remaining reasonably unsettled, many people's finances may be stretched meaning they need to borrow for longer, not out of choice but out of need. 'Much of the country will now be eagerly awaiting interest rates to track downward so that mortgages can continue to become more affordable, allowing others the chance to make their next home moves a reality.'
The Independent
27-02-2025
- Business
- The Independent
Later life mortgage lending jumped in the fourth quarter of 2024
Some 35,840 new home loans were handed out to older borrowers in the fourth quarter of last year, marking a 28.2% annual increase, according to UK Finance. Its later life mortgage lending report, which covers borrowers aged over 55, showed that lending totalled £5.6 billion in the fourth quarter, which was 38.6% higher compared with the same quarter a year earlier. Within the total, there were 5,700 new lifetime mortgages advanced during the fourth quarter, up by 6.7% annually. The value of this lending was £510 million, which was a 24.4% increase compared with the same quarter a year previously. Some 343 retirement interest only mortgages were advanced in the fourth quarter, up 35.6% annually. The value of this lending was £35 million, which was up by 34.6% compared with the same quarter a year previously. A retirement interest only mortgage allows borrowers to pay just the monthly amounts of interest throughout the term of the mortgage until either the death of the last remaining borrower or when the last remaining borrower moves into long-term care. With lifetime mortgages, monthly payments are not required. The mortgage is repayable upon death of the last remaining borrower or when the last remaining borrower moves into long term care. The interest accrues over the lifetime of the mortgage. However, many lenders will allow borrowers to make full or partial interest payments on a monthly or occasional basis. Some previous concerns have been raised about how borrowing into later life could affect people's retirement plans. Older borrowers may also need to consider how the loan might affect the amount of wealth they may have to pass on to younger generations. UK Finance's total lending figures also include general homeowner and buy-to-let home purchase loans and remortgaging. Toby Leek, NAEA (National Association of Estate Agents) Propertymark president, said: 'Even with interest rates at relatively high levels, this report demonstrates that older people still feel confident enough to borrow money to finance their future home purchases. 'This trend is being reflected across all buyers, with the Bank of England's Money and Credit Report for December 2024 finding that net mortgage approvals increased to 66,500 in December. 'However, with the economic landscape remaining reasonably unsettled, many people's finances may be stretched meaning they need to borrow for longer, not out of choice but out of need. 'Much of the country will now be eagerly awaiting interest rates to track downward so that mortgages can continue to become more affordable, allowing others the chance to make their next home moves a reality.'
