Latest news with #Chestertons
Yahoo
13 hours ago
- Business
- Yahoo
Lenders follow Bank of England and hold mortgage rates
Most lenders opted to maintain their mortgage deals as the Bank of England (BoE) decided to hold interest rates on Thursday, but experts expect more sub-4% offers in the coming weeks. The average rate for a two-year fixed mortgage stands at 4.89%, while five-year fixed deals average 5.19%, according to data from Uswitch. The Bank of England has kept interest rates at 4.25% amid inflation fears, delivering a blow to homeowners who were expecting a relief in their mortgage. However, industry experts are not giving up hope yet. Tom Davies, group financial services managing director at LRG, said: "For prospective buyers, the key question shouldn't be, 'Will the rate fall again soon?' but, 'Can I afford to buy now, and is the right property available?'. Today that answer is more often yes than no. Buyers who wait for the perfect moment may find it never arrives — or that it passes them by. "What matters now is a functioning, competitive mortgage market with realistic pricing and good choice. That's a strong foundation: a good environment for anyone looking to move or invest." Matt Thompson, head of sales at estate agency Chestertons, said: 'Some buyers paused their property search in the hope for another interest rate cut and a more varied selection of mortgage products but higher-than-expected inflation has diminished those odds for the time being. "We have recently seen some lenders increase the cost of their fixed-rate deals but there are still sub-4% options available which will encourage some house hunters to resume their search over the coming weeks.' Read more: UK house price growth halves after stamp duty break end The primary inflation measure, the Consumer Price Index (CPI), stood at 3.4% in the 12 months to May, a slowdown from the previous month. However, price increases are still well above the BoE's 2% target. This week among the major lenders only Halifax reduced rates, as most banks decided not to touch their mortgage deals. HSBC (HSBA.L) has a 4.01% rate for a five-year deal, unchanged from the previous week. For those with a Premier Standard account with the lender, this rate is 3.98%. Looking at the two-year options, the lowest rate is 3.99% with a £999 fee, also unchanged from the previous week. Both cases assume a 60% loan-to-value (LTV) mortgage, meaning buyers need to have at least 40% for a deposit. HSBC offers 95% LTV deals, meaning you only need to save for a 5% deposit. However, the rates are much higher, with a two-year fix at 5.05% or 4.89% for a five-year fix. This is because their financial situation and deposit size determine the rate someone can get. The larger the deposit, the lower the LTV, allowing buyers to access better deals because lenders consider them less risky. NatWest's (NWG.L) five-year deal is 3.95% with a £1,495 fee, untouched from the previous week. The cheapest two-year fix deal is 3.2%, again the same as last week. You'll need at least a 40% deposit to qualify for the rates in both cases. At Santander (BNC.L), a five-year fix is 4.08%% for first-time buyers, the same as before. It has a £999 fee, assuming a 40% deposit. Read more: Number of million-pound homes for sale in Britain doubles since 2019 For a two-year deal, customers can also secure a 4.01% offer, with the same £999 fee, again unchanged. However, the lender has cut a raft of deals for first-time buyers: 90% LTV two-year fixed rate with a £0 fee and £250 cashback. Rate reduced by 0.15% to 4.73%. 95% LTV two-year fixed rate with a £0 fee and £250 cashback. Rate reduced by 0.14% to 5.00%. 90% LTV five-year fixed rate with a £999 fee and £250 cashback. Rate reduced by 0.10% to 4.47%. 95% LTV five-year fixed rate with a £0 fee and £250 cashback. Rate reduced by 0.22% to 4.85%. The new pricing is available to all customers, whether they are applying via a broker or directly, under Santander's "no dual pricing" pledge. Barclays (BARC.L) was the first among major lenders to bring back under-4% deals and currently has a five-year fix at 3.99%, unchanged from last week. For "premier" clients, this rate drops to 3.98%. The lowest for two-year mortgage deals is 3.97%, also unchanged. Barclays last month launched a mortgage proposition to help new and existing customers access larger loans when purchasing a home. The initiative, known as Mortgage Boost, enables family members or friends to effectively "boost" the amount that can be borrowed toward a property without needing to lend or gift money directly or provide a larger deposit. Under the scheme, a borrower's eligibility for a mortgage can increase significantly by including a family member or friend on the application. For example, an individual with a £37,500 annual income and a £30,000 deposit might traditionally be able to borrow up to £168,375, enabling them to purchase a home priced at around £198,375. However, with Mortgage Boost, the total borrowing potential can rise substantially if a second person, such as a parent, joins the application. In this case, if the second applicant also earns £37,500 a year, the combined income could push the borrowing limit to £270,000, enabling the buyer to afford a home worth up to £300,000. Nationwide's (NBS.L) lowest mortgage rate for first-time buyers is 4.24% for a five-year fix, which is the same as before. First-time buyers are currently looking at 4.04% for a two-year fix, again no changes from the previous week. Read more: Average UK house asking price drops by more than £1,000 The lender has adjust its mortgage affordability calculation by reducing stress rates by 0.75 and 1.25 percentage points, helping applicants borrow more, whether buying a first home, moving, or remortgaging. Applicants can borrow, on average, £28,000 more; however, in some remortgage cases, customers could borrow up to £42,600 more. Nationwide also reduced its standard stress rate and the rate applied to eligible first-time buyers and home movers fixing their deal for at least five years. Halifax, the UK's biggest mortgage lender, offers a five-year rate of 4.03% (also 60% LTV), untouched from last week. The lender, owned by Lloyds (LLOY.L), offers a two-year fixed rate deal at 3.97%, with a £999 fee for first-time buyers, lower than the previous 4%. It also offers a 10-year deal with a mortgage rate of 4.78%. Read more: How to choose where to live as you get older Halifax has enhanced its five-year fixed mortgage products by increasing borrowing capacity. This improvement allows borrowers to access up to £38,000 more, enabling them to secure larger mortgages based on individual incomes. Rachel Springall, finance expert at Moneyfacts, said: "The flourishing choice of low-deposit mortgages will no doubt be welcomed by borrowers looking to remortgage or are a first-time buyer. "The government has been clear that it wants lenders to do more to boost UK growth, and so a rise in product availability for aspiring homeowners is a healthy step in the right direction." NatWest's currently offers some of the lowest rates, with a five-year fix coming in at 3.95% and a two-year deal at 3.92%. However both require a hefty 40% deposit. The average UK house price is £297,781, so a 40% deposit equals about £120,000. A growing number of homeowners in the UK are opting for 35-year or longer mortgage terms, with a significant rise in older borrowers stretching their repayment periods well into their 70s. Read more: UK inflation slows to 3.4% in May as transport costs ease Lender April Mortgages offers buyers the chance to borrow up to six times their income on loans fixed for five to 15 years, from a deposit of 5%. Both those buying alone and those buying with others can apply for the mortgage. As part of the independent Dutch asset manager DMFCO, the company offers interest rates starting at 5.20% and an application fee of £195. Skipton Building Society has also said it would allow first-time buyers to borrow up to 5.5 times their income to help more borrowers get on the housing ladder. Leeds Building Society is increasing the maximum amount that first-time buyers can potentially borrow as a multiple of their earnings with the launch of a new mortgage range. Aspiring homeowners with a minimum household income of £40,000 may now be able to borrow up to 5.5 times their earnings. Mortgage holders and borrowers have faced record-high repayments in recent years, as the Bank of England's base rate has been passed on by banks and building societies. According to UK Finance, 1.3 million fixed mortgage deals are set to end in 2025. Many homeowners will hope the Bank of England acts quickly to cut rates more aggressively. At the same time, savers will likely root for rates to remain at or near their current levels. Read more: The pros and cons of getting a mortgage into your 70s How school fees can affect your mortgage borrowing Pros and cons of lifetime ISAs
The Independent
3 days ago
- Business
- The Independent
What do you have to do to sell your home in a property downturn?
One notable feature of the turbulent UK housing market is quite how sluggish sales in London and the South East have become. In the corner that was once a guaranteed hotspot, those looking to sell up and move are facing the toughest market in a decade – and, thanks to a glut of properties for sale, have started slashing asking prices. According to Rightmove, the property website, sales in June across Britain have slipped by 0.3 per cent, to an average of £378,240, in what is normally one of the most lucrative months of the year. The capital and surrounding counties could be dragging down the average. Rightmove has noted that 'the higher-priced southern regions and the capital have seen larger price drops this month, being more affected by higher stamp duty charges, and seeing greater increases in available homes for sale'. Which means sellers are having to work harder to shift their properties – and guard against lowering their prices. How to boost your property's appeal Cosmetic changes Everyone knows how the smell of freshly brewed coffee or baked bread plays well with potential buyers viewing your home. But to get a sale price even remotely close to your desired one in this market, you'll have to do more than just cater for people's food preferences. Matt Thompson, head of sales at Chestertons, explains: 'Potential buyers need to be able to envision themselves living in your property, so it is a good idea to transform your home into a blank canvas – which means declutter as much as possible, and consider giving some rooms a fresh coat of paint. 'First impressions count, and we sometimes advise sellers to spruce up the front yard and entrance area.' If it means a trip to your local self-storage firm, before a stop-off at the nearest DIY place on the way home, so be it: these are difficult times for home-sellers. 'If there are no major works to be carried out concerning elements such as the foundation or roof, some cosmetic work can make all the difference,' says Thompson. Extensions and planning permission Flagging a property's potential for extensions and the like can also pay dividends, even if you don't do the work yourself. Going through a local council's planning permission could make your property more appealing to those with a means to extend. From the time the local planning authority grants it, permission is normally valid for three years. This may also be a route you end up taking yourself if you decide to hold out and not sell at this time. If the reason you are looking to move is lack of space, it'll help solve some of your immediate problems, while likely adding value to your property in the long-run. According to a 2023 report by Nationwide, adding a bathroom can add 6 per cent to the value of an average home, while making space for an additional bedroom can add 15 per cent; a loft conversion, or one that adds extra floor area, can add a full 25 per cent. Whether you yourself are on TikTok and Instagram or you enlist the help of 'propfluencers' (property influencers), social media is a great tool to utilise when selling your home. Not only does it raise the profile of the property and provide a very visual piece of marketing for potential buyers, you may also benefit from brand endorsement, freebies and extra revenue – which is particularly helpful if you are extending the property or renovating certain areas. For example, London-based estate and lettings agent Ellis & Co estimates that 'homefluencer' Susanna Hawkins, also known as Schnordic, earns around £1,361 per post (a figure that has likely gone up considerably since 2022, now that her account has over 1.1million followers). Virtual viewings and open houses Estate agents frequently get a bad rap. Mori's veracity index for 2024 found that just 37 per cent of those surveyed 'generally trust them to tell the truth'. However, for the record, journalists managed just 27 per cent. Only ad execs, government ministers and politicians achieved lower trust ratings than my trade (sigh). But shiny-suited or not, finding a good estate agent able to offer advice like Thomson's, specifically tailored to the seller's circumstances, can make all the difference. They should know what to hype up about the property and what to downplay. They can also help you take advantage of virtual viewings – a trend that has gained traction since the pandemic. They're a great way to engage prospective buyers and mean people can look around online before they even step foot inside. Again, while open houses may seem more Selling Sunset than Flogging Your Family Home, they can create a buzz and get the right people in the doorway. Of course you'll have to pay them commission – but they'll pay for themselves if the advice secures a higher selling price. The housing market may be in a state of flux and things may be looking particularly bleak for sellers right now, but if you are keen to budge your property, taking these steps may help you claw back some control – and, more importantly, money.
Zawya
02-06-2025
- Business
- Zawya
Chestertons Reports 50% surge in commercial leasing as legal reforms and investor confidence accelerate UAE Real Estate Momentum
Q1 2025 data reveals record-breaking office and retail leasing across the UAE, backed by 100% foreign ownership laws, tax incentives, and rising demand in key commercial hubs Dubai, UAE – Chestertons MENA, one of the world's most established real estate advisories, has released new data confirming a sharp rise in commercial real estate activity across the UAE. The firm's Q1 2025 Market Report shows a 50.4% year-on-year increase in commercial leasing, alongside double-digit growth in villa and townhouse transactions — underscoring the powerful convergence of market demand, investor confidence, and regulatory readiness. Office leasing led the commercial sector, recording over 101,000 transactions — a 62.7% increase compared to Q1 2024 — while retail leasing saw 36,000 transactions, amounting to AED 3.4 billion. Land leasing also posted steady gains. The data points to robust corporate expansion, growing business formation, and sustained appetite for commercial space across key UAE zones. 'Commercial real estate is no longer a peripheral category — it's at the centre of the UAE's next economic chapter,' said Mohamed Mussa, Executive Director of Chestertons. 'What we're seeing is not a temporary rebound but a redefinition of the region's investment profile. From the performance of off-plan markets in Ras Al Khaimah to the legal reforms enabling long-term ownership, this is an ecosystem ready for scale.' These trends were unpacked during Chestertons' Commercial Conference held in May 2025, which brought together senior leaders across valuation, advisory, and legal practice. The panel included: Andrew Elliott, Director of Commercial Agency Benjamin Cullum, Head of Valuations and Advisory Conor Henry, Director of Valuations and Advisory Jake Wright, Director of Investment and Advisory Michael Kortbawi, Corporate & Finance Law Expert (BSA Ahmad Bin Hezeem & Associates LLP) The conference highlighted key structural enablers: 100% foreign ownership across most mainland sectors A newly introduced 9% federal corporate tax, with 0% options for qualifying free zone income structures Expansion of investor-friendly zones such as RAKEZ, which is set to overtake JAFZA in activity Long-term renewable lease models, digital incorporation platforms, and streamlined dispute resolution through RERA, DIFC, and specialized courts Increasing demand for REITs, sale-and-leaseback structures, and institutional-grade commercial assets amid Grade A supply constraints 'Recent legal reforms have shifted the UAE from being merely attractive to being strategically compelling,' said Lawyer: Michael Kortbawi, Corporate & Finance Law Expert and panelist at the Chestertons Commercial Conference. 'Investors now have clarity on ownership, tax, and dispute resolution, along with access to digital tools and long-term visas. This is a legal framework built for global capital and long-term business planning.' Residential demand also remained strong. Townhouse and villa transactions rose 51.93% in volume year-on-year, reaching a total value of AED 76.5 billion, while apartment sales climbed 16.25% in value to AED 75.1 billion. Buyer appetite was concentrated in communities such as JVC, Business Bay, and Dubai Marina, driven by location, lifestyle, and long-term rental yield potential. Rental activity reflected similar growth. Apartment leasing was up 21.4% year-on-year, totaling AED 11.3 billion across 151,000 rental transactions, while villa and townhouse leasing rose 21% in value to AED 3.4 billion. The report attributes these trends to population growth, long-term residency programs, and a shift toward larger living spaces post-COVID. 'Across every segment — commercial, residential, leasing, and investment — the UAE is showing clear signs of structured, sustainable growth,' added Mania Merrikhi, Chief Operating Officer and Managing Director at Chestertons MENA. 'The legal infrastructure, investor protections, and macroeconomic vision are all working in tandem to create one of the world's most investible property markets.' Chestertons — established in London in 1805 and active in the UAE since 2008 — has built a deep regional presence from its headquarters in Dubai Marina. The firm's team of over 165 professionals offers services across brokerage, valuation, building consultancy, asset management, and market research, property management and investment advisory. In Q1 2025 alone, Chestertons reported a 155% year-on-year increase in MENA transactions and is now targeting 220% regional growth by 2026.
Al Bawaba
02-06-2025
- Business
- Al Bawaba
Chestertons Reports 50% Surge in Commercial Leasing as Legal Reforms and Investor Confidence Accelerate UAE Real Estate Momentum
Chestertons MENA, one of the world's most established real estate advisories, has released new data confirming a sharp rise in commercial real estate activity across the UAE. The firm's Q1 2025 Market Report shows a 50.4% year-on-year increase in commercial leasing, alongside double-digit growth in villa and townhouse transactions — underscoring the powerful convergence of market demand, investor confidence, and regulatory leasing led the commercial sector, recording over 101,000 transactions — a 62.7% increase compared to Q1 2024 — while retail leasing saw 36,000 transactions, amounting to AED 3.4 billion. Land leasing also posted steady gains. The data points to robust corporate expansion, growing business formation, and sustained appetite for commercial space across key UAE zones.'Commercial real estate is no longer a peripheral category — it's at the centre of the UAE's next economic chapter,' said Mohamed Mussa, Executive Director of Chestertons. 'What we're seeing is not a temporary rebound but a redefinition of the region's investment profile. From the performance of off-plan markets in Ras Al Khaimah to the legal reforms enabling long-term ownership, this is an ecosystem ready for scale.'These trends were unpacked during Chestertons' Commercial Conference held in May 2025, which brought together senior leaders across valuation, advisory, and legal practice. The panel included:Andrew Elliott, Director of Commercial AgencyBenjamin Cullum, Head of Valuations and AdvisoryConor Henry, Director of Valuations and AdvisoryJake Wright, Director of Investment and AdvisoryMichael Kortbawi, Corporate & Finance Law Expert (BSA Ahmad Bin Hezeem & Associates LLP)The conference highlighted key structural enablers:100% foreign ownership across most mainland sectorsA newly introduced 9% federal corporate tax, with 0% options for qualifying free zone income structuresExpansion of investor-friendly zones such as RAKEZ, which is set to overtake JAFZA in activityLong-term renewable lease models, digital incorporation platforms, and streamlined dispute resolution through RERA, DIFC, and specialized courtsIncreasing demand for REITs, sale-and-leaseback structures, and institutional-grade commercial assets amid Grade A supply constraints'Recent legal reforms have shifted the UAE from being merely attractive to being strategically compelling,' said Lawyer: Michael Kortbawi, Corporate & Finance Law Expert and panelist at the Chestertons Commercial Conference. 'Investors now have clarity on ownership, tax, and dispute resolution, along with access to digital tools and long-term visas. This is a legal framework built for global capital and long-term business planning.'Residential demand also remained strong. Townhouse and villa transactions rose 51.93% in volume year-on-year, reaching a total value of AED 76.5 billion, while apartment sales climbed 16.25% in value to AED 75.1 billion. Buyer appetite was concentrated in communities such as JVC, Business Bay, and Dubai Marina, driven by location, lifestyle, and long-term rental yield activity reflected similar growth. Apartment leasing was up 21.4% year-on-year, totaling AED 11.3 billion across 151,000 rental transactions, while villa and townhouse leasing rose 21% in value to AED 3.4 billion. The report attributes these trends to population growth, long-term residency programs, and a shift toward larger living spaces post-COVID.'Across every segment — commercial, residential, leasing, and investment — the UAE is showing clear signs of structured, sustainable growth,' added Mania Merrikhi, Chief Operating Officer and Managing Director at Chestertons MENA. 'The legal infrastructure, investor protections, and macroeconomic vision are all working in tandem to create one of the world's most investible property markets.' Chestertons — established in London in 1805 and active in the UAE since 2008 — has built a deep regional presence from its headquarters in Dubai Marina. The firm's team of over 165 professionals offers services across brokerage, valuation, building consultancy, asset management, and market research, property management and investment advisory. In Q1 2025 alone, Chestertons reported a 155% year-on-year increase in MENA transactions, and is now targeting 220% regional growth by 2026.
Western Telegraph
08-05-2025
- Business
- Western Telegraph
Average UK house price increased by nearly £900 in April
Halifax recorded a 0.3% month-on-month price rise in April, following a 0.5% monthly fall in March. The annual house price growth rate ticked up to 3.2% in April, from 2.9% in March, Halifax said. The average property price in April was £297,781, up from £296,899 in March. Amanda Bryden, head of mortgages, Halifax, said: 'UK house prices rose by 0.3% in March, an increase of just under £900. This didn't lead to a significant increase in property prices Amanda Bryden, Halifax 'We know the stamp duty changes prompted a surge in transactions in the early part of this year, as buyers rushed to beat the tax-rise deadline. 'However, this didn't lead to a significant increase in property prices, with the last six months characterised by a stability in prices rarely seen since the pandemic.' Halifax's figures are in contrast to Nationwide Building Society's latest house price index, released last week. Nationwide reported that house price growth had softened, with prices dipping by 0.6% month on month in April and price growth also slowing on an annual basis, at 3.4% in April, down from 3.9% in March. Stamp duty 'nil rate' bands have become less generous from April, with some buyers facing higher costs for moving home. Stamp duty applies in England and Northern Ireland. Ms Bryden said 'modest price growth' is expected this year, adding: 'Overall, the market continues to show resilience, despite a subdued economic environment and risks from geopolitical developments.' Looking across the UK, Halifax recorded strong house price growth in Northern Ireland, Wales and Scotland, with a more subdued picture in south-west England and London. Nathan Emerson, chief executive of property professionals' body Propertymark, said of the Halifax figures: 'This is a sign of sustained confidence in the UK's housing market following a recent stamp duty surge in home buying, and it should give those sellers hoping to take advantage of the traditionally busier spring and summer months motivation to move up the housing ladder.' Iain McKenzie, chief executive of the Guild of Property Professionals, said: 'We're seeing mortgage rates continue their welcome descent, with sub-4% deals now reappearing, which is a clear boost for buyer affordability and confidence.' Jonathan Handford, managing director at estate agent group Fine & Country, said: 'The rebound in prices suggests the market may be finding its footing after a turbulent few months.' Sellers remained motivated Matt Thompson, Chestertons Matt Thompson, head of sales at London-based estate agent Chestertons, said: 'In April, some house hunters paused their search amid the Easter holidays, but sellers remained motivated which resulted in an uplift in the number of properties put up for sale.' Tom Bill, head of UK residential research at Knight Frank, said: 'Demand has increased as more mortgage rates drop below 4%, which will underpin prices while the momentum is maintained. 'Tariff turbulence has helped push interest rate expectations lower but buyers could be put off if it gets too bumpy.' Jason Tebb, president of OnTheMarket, said: 'With property prices remaining relatively steady, this suggests that affordability is having an impact on the amount buyers are willing and/or able to pay.' Babek Ismayil, founder and chief executive at homebuying platform OneDome, said: 'This increase masks ongoing affordability pressures and the longer-term hangover from the stamp duty changes in April.' Tomer Aboody, director of specialist lender MT Finance, said: 'The end of the stamp duty holiday in March saw a big push in transactions completing by the end of the month so that buyers could avoid the tax increase. 'We are now seeing the fallout, with transactions and mortgage approvals falling, although prices are holding steady.' Here are average house prices and the annual increase, according to Halifax. The regional annual change figures are based on the most recent three months of approved mortgage transaction data: East Midlands, £245,884, 3.0% Eastern England, £335,619, 2.0% London, £543,346, 1.3% North East, £175,207, 2.1% North West, £240,975, 4.1% Northern Ireland, £208,220, 8.1% Scotland, £214,011, 4.6% South East, £391,830, 2.0% South West, £304,451, 0.9% Wales, £229,079, 4.7% West Midlands, £261,098, 3.3% Yorkshire and the Humber, £214,844, 3.8%
