This week’s episode is all about a shake up in the mortgage market that may have just slipped under the radar. Now, some of you won’t be affected by this at all but some of you really will so you wont want to miss the details.
So, the Bank Of England has an arm called the Prudential Regulation Authority (PRA) that regulates lenders. They’ve brought in new rules that lenders must follow, to avoid the risky lending that contributed to the last crash.
This is happening in two parts: tougher underwriting tests that have been in place since January, and new “portfolio landlord” requirements that are starting at the end of September.
What does it all mean, and will you be affected? Listen to this week’s episode for all the detail.
In our news story, we report that 35% of London properties have had a price reduction since they were first marketed. Nationally, 77% of properties are selling below asking price. Wobble time? Maybe so. It certainly looks like a buyers market right now.
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