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Lloyds prepares for increase in defaults amid rising mortgage rates

Lloyds Banking Group is preparing itself for an increase in defaults amid rising mortgage rates.  In its Q3 financial results, the UK’s biggest mortgage lender set aside £668m to protect itself against mortgage and loan defaults, due to a “deterioration in the economic outlook”. The group’s base case scenario
United Kingdom Lewis Shaw Malcolm Davidson Charlie Nunn Lloyds Banking Group United Kingdom Bank Rate

News Analysis: Stamp duty cuts: will they help?

Chancellor Kwasi Kwarteng’s mini-Budget in September brought a flurry of new stamp duty thresholds for first-time buyers (FTBs) on a permanent basis. In addition, stamp duty was eradicated for purchases of land and buildings for commercial or new residential development. Now that the measures have further bedded into
United Kingdom Malcolm Davidson David Hollingworth Peter Dockar Serena Franklin Chris Sykes

Market volatility will make rest of the year 'challenging': Askham

After lenders temporarily pulled products to reprice them due to the falling pound, soaring swap rates and base rate increases last week, Buckinghamshire Building Society head of mortgage sales Claire Askham says “it's hard to see which way this is going to go, how it's going to settle down and start to ease”.
United Kingdom Claire Askham Graham Wilson Malcolm Davidson Tom Denman Molloy Options Mortgage Network

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Property tax cut announcement rumoured for Friday

New prime minister Liz Truss and chancellor Kwasi Kwarteng are considering cutting stamp duty, The Times reports. It is believed the cut will be announced this Friday, 23 September, as part of her cabinet’s mini budget. Truss has made no secret of her wish to cut taxes in an effort to stimulate the UK economy, with
New York United States United Kingdom Malcolm Davidson Jamie Lennox Edgar Rayo

Govt figures show 21% rise in number of new homes being built

The number of dwellings where building work started on site was 51,730 between 1 April and 30 June this year, according to the latest figures from the Department for Levelling Up, Housing & Communities. The latest figure represents a 21% increase compared to the previous quarter and a 15% increase compared to the
United Kingdom Rhys Schofield Simon Clarke Malcolm Davidson Michael Gove Department For Levelling

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