The drop in the rate on the UK’s most widely sold mortgage to a seven-year low has failed to revive lending because it’s too high to persuade borrowers to refinance when fixed-rate terms lapse, Moneyfacts said. UK banks approved 49,871 mortgages in April, 46% fewer than the monthly average of the past 15 years, according to Bank of England data.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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The story for the housing market over the past three years has been, “Home sales are down, home prices are up.” Because inventory was so restricted after the pandemic, prices pushed higher even as demand weakened. That story may finally be inverting as unsold inventory of homes is now great enough that home prices are […]
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio