MAB completes purchase of First Mortgage Direct

Mortgage Advice Bureau has finalized its acquisition of First Mortgage Direct by acquiring the remaining 20% shareholding for £9.35 million. The equity was bought from First Mortgage’s managing director, Ian Grail. A quarter of the purchase price was paid in cash, while the remainder was covered by issuing new shares in the company, listed on London’s Alternative Investment Market (AIM). Despite this significant payout, Grail will retain his position as Managing Director.

Leasehold Bill – What’s in and what’s out

The Leasehold and Freehold Reform Act was swiftly passed into law on Friday under the “wash-up” process, enabling rapid legislation before the July 4th election. In just 11 minutes, the House of Lords approved 67 amendments to the extensive bill comprising 124 clauses. At its core, the law aims to streamline and reduce costs for lease extensions, freehold purchases, and building management takeovers. UK Minister for Housing and Planning, Lee Rowley, hailed it as “the most significant property reform in decades.”

Tributes pour in as industry legend officially retires after 50 years

As industry stalwart Sally Laker officially retires, tributes pour in following her recognition with the Outstanding Contribution award at the 2024 Mortgage Strategy Awards. With 50 years in the mortgage sector, 27 at Mortgage Intelligence, Laker announced her retirement in late 2023. Her tenure culminated on May 16, coinciding with the Mortgage Intelligence conference, where she was interviewed by Nationwide’s Ian Andrew. Andrew praised her enduring impact, stating, “Sally has been an industry stalwart for many years.”

Failure to tackle inflation ‘absolute tripe’: BoE’s Broadbent

The Bank of England’s departing deputy governor, Ben Broadbent, dismisses claims that the central bank neglected to address inflation, labeling such assertions as ‘absolute tripe.’ Broadbent refutes criticisms suggesting the Bank’s Monetary Policy Committee failed to anticipate inflation surges due to shared backgrounds among its members. Currently, UK general prices stand at 2.3%, down from a peak of 11% in October 2022, attributed to heightened oil prices post-Russia’s Ukraine invasion and domestic cost-of-living strains.

House prices climb 5.4% in year following elections: eXp UK

According to eXp UK, house prices have typically risen by an average of 5.4% in the year after a general election since the 1980s. This trend indicates that the upcoming July election is unlikely to impede the current positive momentum in the property market. Exceptions to this trend occurred in 1992 and 2010. The most notable surge in inflation-adjusted house prices followed the 1987 general election, coinciding with Margaret Thatcher’s third term as prime minister.

Gove quits: Did he stem bleeding on the UK’s housing crisis?

Critics highlight the concerning approach of successive Conservative governments towards housing policy, evident in the repeated appointment of Michael Gove to lead the department. Gove served as secretary of state for levelling up, housing, and communities from September 2021 to July 2022. Despite being widely regarded as competent, he was dismissed by Liz Truss. Gove returned to the role in October 2022 until his recent decision not to seek re-election in Surrey Heath. This development leaves the property industry questioning the government’s strategy.

Abolish stamp duty and turn offices into housing: Family BS

Stamp Duty should be abolished for downsizers, suggests the latest survey by the Family Building Society on consumer financial sentiment. Additionally, incentives for landlords to convert empty commercial spaces into living accommodation are favored. Over 50% of the nearly 2,300 surveyed members advocate for the development of brownfield sites. Furthermore, more than half support the abolition of stamp duty, while 48% endorse repurposing empty commercial properties before considering construction on the Green Belt.

Waiting to fix is a ‘risky strategy’ for borrowers: L&C Mortgages

L&C Mortgages warns that holding off for lower rates instead of fixing a deal is a “risky strategy,” cautioning mortgage borrowers against potential fluctuations in interest rates. Despite recent reductions, mortgage rates have climbed back up after falling earlier this year. For instance, the average top ten lender two-year fixed remortgage rates dropped from 5.40% in November 2023 to 4.46% in February 2024, only to rise again to 4.94% currently.

Four in ten landlords undecided ahead of election

Forty-one percent of landlords remain undecided on their voting choice for the upcoming general election, despite nearly half expressing concerns about a potential change of government, reveals a Landbay survey. Of those who have made a decision, 31% plan to vote Conservative, while 12% lean towards Labour. Additionally, 5% opt for the Liberal Democrats, and 1% prefer other parties.

House sales hit 8-year high, election may slow momentum: Zoopla

According to Zoopla data, UK house prices experienced a slight decrease of 0.1% to £264,300 over the 12 months leading up to April. However, the number of homes for sale surged to its highest level in eight years, with the average agent having 31 properties listed, marking a 20% increase from the previous year. The total value of homes for sale also rose to £230 billion, up 25% from last year, largely driven by a notable increase in the availability of three- and four-bedroom family homes.