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UK house prices suffer greatest monthly fall in 11 years


By Michael Griffiths

House prices in the UK have suffered the largest monthly fall since February 2009 and dropped by 1.7% during May, according to new data published by Nationwide.

The society’s latest House Price Index revealed that as a result, the annual rate of house price growth slowed to 1.8%, from 3.7% in April


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BoE figures reveal plummet in mortgage approvals

The number of mortgage approvals for house purchase experienced a sharp fall during April to 15,800, a figure around 80% below the level recorded in February, new Bank of England (BoE) statistics have revealed

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FCA confirms support for mortgage holiday customers

The FCA has confirmed the support that firms should provide mortgage customers who are either coming to the end of a mortgage payment holiday or who are yet to request one

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1.86 million mortgage payment holidays issued to UK customers

Lenders have issued 1.86 million mortgage payment holidays as of 28 May 2020, new figures from UK Finance have revealed

745,000 businesses backed by £31.3bn through COVID-19 loan schemes

Lenders have approved more than £31.3bn to 745,000 businesses through government-backed schemes so far, new figures published by the Treasury have revealed

Advisers optimistic about COVID-19 resilience

Advisers are optimistic about the resilience of their business in light of COVID-19, according to research from Royal London
CIOT urges Govt to delay capital gains tax changes

The Chartered Institute of Taxation (CIOT) has called on the Government to consider delaying changes to capital gains tax rules in relation to home sales, to take account of the impact of COVID-19 on the property market

Hope Capital launches new product range

Hope Capital has announced the launch of a new product range that includes MINI, MIDI and MAXI loans to choose from

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CIOT urges Govt to delay capital gains tax changes

The Chartered Institute of Taxation (CIOT) has called on the Government to consider delaying changes to capital gains tax rules in relation to home sales, to take account of the impact of COVID-19 on the property market

Claims for stamp duty relief on annexes falling short

Homeowners that buy a property with an annex under the assumption they have purchased two properties and can therefore claim stamp duty relief may be left disappointed, according to Blick Rothenberg

Govt reports huge fall in tax receipts

The total tax receipts taken by the Government in April plummeted by 42% compared to the same month last year, according to new analysis by AJ Bell

New limited company owners warned over eligibility for SEISS grant

Owners of newly formed limited companies are being warned that it is unlikely they are eligible for the Self Employed Income Support Scheme (SEISS) grant, even if HMRC tries to contact them

Chancellor outlines extended plans for furlough scheme

The Chancellor has announced that a new and more flexible furlough scheme will be in place in the UK from 1 July and that the level of grant provided will slowly be tapered from August

CMA secures £47m in overdraft charge refunds

The Competition and Markets Authority (CMA) has revealed it secured more than £47m in refunds over the last two years for customers whose banks failed to properly warn them about unarranged overdraft charges

FSCS confirms levy increase to £649m

The Financial Services Compensation Scheme (FSCS) has confirmed it will levy firms £649m during 2020/21

PFS urges regulators to relieve pressure over PI insurance cover

The Personal Finance Society (PFS) has urged both the FCA and the Treasury to relieve the pressure on advisers seeking professional indemnity (PI) insurance in the midst of the COVID-19 pandemic

745,000 businesses backed by £31.3bn through COVID-19 loan schemes

Lenders have approved more than £31.3bn to 745,000 businesses through government-backed schemes so far, new figures published by the Treasury have revealed

Advisers optimistic about COVID-19 resilience

Advisers are optimistic about the resilience of their business in light of COVID-19, according to research from Royal London

41% of businesses planning to scrap banking provider

Four in 10 businesses in the UK are planning to change their banking provider due to slow support that has been offered during the COVID-19 pandemic, research from Encompass Corporation has revealed

39% of UK suffers income drop in last month, survey reveals

Thirty-nine per cent of UK consumers have seen their income drop in the last month, according to a new international study from Yolt

COVID-19 puts retirement plans of millions in doubt, survey finds

More than three million people have reduced or completely stopped their pension payments as a result of the COVID-19 pandemic, new research has revealed

Growing fear that economic crash could hamper UK's retirement plans

Twenty-nine per cent of Brits are now fearing an economic crash could hamper their retirement plans, according to a new survey from Sanlam

47% of 55-64 year-old’s unaware of State Pension deferral

Forty-seven per cent of adults in the UK aged between 55 and 64 didn’t know that deferring the State Pension would deliver a higher weekly guaranteed, inflation-linked pension when starting to claim their pension benefits, according to new research from Just Group

A third of over-50s have no private pension

More than a third (35%) of women and a fifth (20%) of men over the age of 50 do not have a private pension, according to new research from SunLife

UK investors putting property plans on hold, survey finds

Many UK investors planning to buy or sell properties in 2020 have put their plans on hold as a result of COVID-19, according to new research published by FJP Investment

More over-55s using equity release but amounts accessed down

The number of over-55s accessing the wealth in their property via equity release increased in the first quarter of 2020, but they took out more modest sums than previously, new data published by Key has revealed

Potential spend of London’s residential buyers hits £52bn

The total potential spend of all residential property buyers registered with Knight Frank in London was £52bn as of 5 May 2020, new data has revealed

Lockdown puts 373,000 property transactions on hold

Around 373,000 property transactions with a total value of £82bn are on hold as a result of the UK Government’s lockdown restrictions effectively suspending the housing market, according to new analysis from Zoopla

The Right Mortgage adopts iPipeline’s e-Sign solution

iPipeline has announced that The Right Mortgage & Protection Network has adopted its document delivery and e-Sign solution, AlphaTrust, to automate its member firm registration process

69% of financial services firms considering chatbots

Sixty-nine per cent of financial services businesses are considering automated chatbots to enhance their customer service propositions, according to research from Dock9

Paradigm Consulting partners with Mitigo Cybersecurity

Paradigm Consulting has announced a new strategic partnership with Mitigo Cybersecurity to provide its member firms with protection against cybercrime and business disruption

TMA’s online training more than doubles broker reach

TMA has revealed the average number of brokers who have attended its training sessions has increased by 129% during the coronavirus pandemic

The Tipton amends later life lending criteria

Tipton & Coseley Building Society has amended its lending criteria applicable to retired customers who are applying for one of the society’s later life mortgage products

Hope Capital launches new product range

Hope Capital has announced the launch of a new product range that includes MINI, MIDI and MAXI loans to choose from

Saffron launches two new green finance products

Saffron Building Society has announced the launch of two new products in a first step towards offering green financing solutions to its customers

The Mortgage Lender reduces completion fees

The Mortgage Lender has announced the reduction of completion fees on all buy-to-let (BTL) loans above £500,000 to 0.5% and to 0.75% for loans over £750,000

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