Some of the news we’ve had our eyes on this week:
Average mortgage deposit from the Bank of Mum and Dad is now £18,505
The Telegraph reports that one in seven parents have found themselves in debt after dipping into their savings to help one of their children on the property ladder. Some were even forced to remortgage or downsize their own home to help their children get on the property ladder. A third of those surveyed said their financial security had been affected with three quarters dipping into savings.
Estate agency watchdog reveals an ongoing “major investigation”
The new industry watchdog, the National Trading Standards Estate Agency Team, which took over from the Office of Fair Trading last April has revealed that it has a “major investigation” on its hands. In its first 9 months of operation, it has also banned a number of estate agents from operating.
New mortgage war heats up with record-low 10 year deal
Lenders are fighting to outdo each other with ever-better deals, with a new 10 year fixed rate deal from Barclays at just 2.99 per cent, the lowest-ever rate for such a loan. This is down from 3.45 per cent, but you’ll need a deposit, or equity, of at least 40 per cent to get it.
Annual house price growth in England and Wales is down to single digits
Annual house price growth in England and Wales fell back to single figures, with house prices pausing in December. With values in London and the Southeast cooling, price growth remains steady across other regions. Overall prices are up 9.6% year on year to an average of £278,997.