Home Buying news in 2024
7 stories, newest first.
- July 2024
Net mortgage approvals for house purchases rise to highest since September 2022
Net mortgage approvals for house purchases rose to 62,000 in July 2024, the highest since September 2022, while remortgaging approvals fell, according to Bank of England money and credit data.
- June 2024
Hamptons research finds owning costs more than renting in most of Great Britain
Hamptons research published on 22 June 2024 found that buyers with a 5% deposit would pay about £300 a month more on a 95% loan-to-value mortgage than they currently pay in rent.
Mortgage guarantee scheme extended to June 2025
The mortgage guarantee scheme has been extended to June 2025, UK Finance said, as one of several smaller measures announced alongside the Autumn Statement.
- May 2024
Leasehold and Freehold Reform Act became law
The Leasehold and Freehold Reform Act became law in May 2024, but most of its 125 sections remain unimplemented, with further reform promised in a new Bill.
Leasehold and Freehold Reform Act reforms introduced
The government introduced leasehold reforms in May 2024 under the Leasehold and Freehold Reform Act, including a 990-year standard lease extension term and standardised service charge bills.
- March 2024
Mortgage approvals for house purchases reach highest level since September 2022
Bank of England data show net mortgage approvals for house purchases rose to 61,300 in March 2024, the highest since September 2022, while remortgaging approvals fell and the rate on new mortgages eased.
Policy paper published on changes to First-time Buyers' Relief rules
HMRC has published a policy paper and draft legislation changing the rules for claiming Stamp Duty Land Tax First-time Buyers' Relief, covering leases held through nominees or bare trustees and the definition of a first-time buyer.