The latest mortgages news, headlines and analysis from The NE Times.
Economists are near-unanimous that the Monetary Policy Committee will leave borrowing costs unchanged on Thursday, with Middle East tensions and a looming energy bill rise tempering hopes of further cuts this year.
Economists are virtually unanimous that the Monetary Policy Committee will leave borrowing costs unchanged on Thursday, with a Middle East oil-price spike forcing rate-setters into a holding pattern just as households had begun to hope for relief.
Halifax says the typical home now costs just under £299,000 with annual growth of 0.5%, but the headline masks a stark split between a buoyant north and a weakening south.
NatWest, Barclays, Santander and others have trimmed fixed deals in a fresh wave of reductions, offering relief to borrowers even as the housing market cools.
Property values edged lower last month as Middle East uncertainty sapped momentum, even as a string of major lenders cut selected fixed deals in a battle for borrowers.
A surprise monthly drop reported by Nationwide has confirmed a cooling property market, with prices sliding in the south while northern regions and the devolved nations continue to climb.
The average home cost just under £299,000 in May, with Halifax reporting a slight monthly dip while annual growth ticked up to 0.5 per cent.