More than half of first-time home buyers get help from Mum and Dad
July 7th 2025More than half of all first-time home buyers in the UK now get help from the Bank of Mum and Dad, according to research by the estate agents, Savills. Mandy Shum Conveyancer in our property team provides an update. Approximately 173,500 first-time buyers received assistance last year, receiving on average £55,572. This equates to just over half (52%) of all first-time buyers, which, although lower than the proportion that received assistance…
Bank’s interest rate cut ‘could boost confidence in housing market’
September 18th 2024The Bank of England’s decision to cut the base interest rate by 0.25% could help to boost confidence in the housing market but may not be enough to herald a significant cut in mortgage rates, according to one the UK’s largest estate agents, Zoopla. Elizabeth Crouch Senior Associate Solicitor & Head of Residential Property reports. Announcing the cut, the governor of the bank, Andrew Bailey, said: “Inflation has fallen a lot…
New Bill to protect homeowners and end ‘feudal system of leasehold’
July 31st 2024The UK government has announced a transformative new bill aimed at abolishing the ‘feudal system of leasehold’ and offering homeowners enhanced protection and a fairer deal. Elizabeth Crouch Senior Associate Solicitor & Head of Residential Property provides an update. Leasehold and Commonhold Reform Bill Unveiled As revealed in the King’s Speech, these significant changes will be introduced through the Leasehold and Commonhold Reform Bill. The government’s guidance notes outline several key…
Government announces ground rent reforms to benefit leaseholders
January 8th 2024The Government has announced proposals to cut ground rents to help homeowners in leasehold properties. Elizabeth Crouch Senior Associate Solicitor & Head of Residential Property provides an update. Housing Secretary Michael Gove has launched a consultation that will set out options including capping ground rents at a so called “peppercorn” rate for existing leaseholders, freezing ground rents at current levels and capping the ground rents at a percentage of the property…
Mortgage Guarantee Scheme for first-time buyers is extended
January 5th 2023The government has extended the Mortgage Guarantee Scheme for another year to help more first-time buyers get on to the property ladder. Elizabeth Crouch Senior Associate Solicitor & Head of Residential Property provides an update. Under the scheme, the government offers lenders the financial guarantees they need to provide mortgages that cover the other 95%, subject to the usual affordability checks, on a house worth up to £600,000. Launched in April…
Mixed fortunes for homebuyers as stamp duty cut but interest rates rise
September 29th 2022Homebuyers are considering their options amid a flurry of activity that is having a major impact on the housing market. Elizabeth Crouch Senior Associate Solicitor & Head of Residential Property provides an update. On the plus side, the government has announced a cut in stamp duty and extra help for first-time buyers, together with plans to release more land for newbuilds. On the negative side, the Bank of England has raised…
Many leaseholders who paid double ground rent to get refund
September 14th 2022Thousands of leaseholders who paid double ground rent are to receive refunds following action by the Competition and Mergers Authority (CMA). Elizabeth Crouch Senior Associate Solicitor & Head of Residential Property provides an update. The CMA has secured undertakings from nine companies that bought freeholds from housing developer Taylor Wimpey. A further four national developers – Crest Nicholson, Redrow, Miller Homes and Vistry – have also agreed to work with the…
House prices rise 11% over the year but slowdown may be looming
September 1st 2022House prices rose by 11% in the year to July, according to the latest figures from the Nationwide Building Society. However, increases in interest rates and the rising cost of living crisis could lead to a slowdown. Sam Bulman Conveyancer in our Residential Property team reports. That slowdown may already be starting as the increase in prices between June and July was only 0.1%. The average house now costs £271,209. Nationwide’s…
UK House Prices rose by more than 12.4% over the last year
July 5th 2022House prices across the UK increased by an average of 12.4% in the year to April 2022, according to the latest figures from the Land Registry. Abby White, Residential Conveyancer reports. It means the average property in the UK is now valued at £281,161. On a non-seasonally adjusted basis, house prices increased by 1.1% between March and April 2022. The UK Property Transactions Statistics showed that in April 2022, on a seasonally…
Ban on ground rent will cut costs for future leaseholders
May 3rd 2022A government ban on charging ground rent on new leases is set to cut costs for future homeowners by hundreds of pounds a year. Elizabeth Crouch Senior Associate Solicitor & Head of Residential Property provides an update. The ban comes into force in England and Wales on 30 June 2022. Leasehold is a form of home ownership that gives a leaseholder the exclusive right to live in a property for a…
