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Featured - ISA allowance
What is the 2024/25 ISA allowance?A new tax-year means a refreshed ISA allowance to allocate. Find out more about the 2024/25 ISA allowance...
Savings
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Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
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Travel insurance 2024Discover the best travel insurance policy for your next trip.
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Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
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Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
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Featured - The triple lock explained
Could the value of your state pension rise by more than inflation?
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How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
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While market buoyancy is expected, this is the biggest monthly increase at this time of year since 2020.
Compared to last month, average asking prices for UK homes rose by over £3,300 in the New Year, according to Rightmove, a real estate company. This comes after house prices declined in the final two months of 2022.
“Whilst a rise in asking prices is expected in January, this is the highest at this time of year since January 2020,” Rightmove confirmed in a statement.
“After the market’s uncertain final few months of 2022, this familiar seasonality is a tentative sign of stability,” it continued.
Despite the rise this month, average asking prices are still more than £8,700 below their peak in October. With further homes set to be listed on the market in the coming months, it is crucial for sellers to not overvalue their home, said Tim Bannister, Director of Property Science at Rightmove.
“It will be important for the vast majority of sellers to remember that a drop in your asking price is likely not an actual loss compared with what you paid for it, only a failure to live up to aspirations,” he said.
Want to know the lowest fixed mortgage rates on the market? Read our weekly updated mortgage roundup.
Although Rightmove expects more sellers to come onto the market, the number of available homes is still below the long-term average.
Demand, meanwhile, was down by 36% when compared to 2022’s New Year. However, this was the busiest start to a year on Rightmove’s records, and came at a time when mortgage rates were still at record lows, according to Moneyfacts data.
The difference between mortgage rates last year and today is explained further in an article written last week.
Compared to 2019, which Rightmove describes as “the last ‘normal’ pre-pandemic market of 2019”, demand this January is up 4%.
“We expect that the full effect of affordability constraints and last year’s mortgage rate rises will hold back some segments of the market in the first half of the year,” said Bannister.
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The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a five-year bond from GB Bank and a two-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Many of the lowest mortgage rates drop as the first sub-4% mortgage deal since April appears on the market.
Nationwide BS has reduced mortgage rates across its two-, three- and five-year fixed products by up to 0.25 percentage points.
Nationwide BS has reduced mortgage rates across its two-, three- and five-year fixed products by up to 0.25 percentage points.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a five-year bond from GB Bank and a two-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Many of the lowest mortgage rates drop as the first sub-4% mortgage deal since April appears on the market.
Nationwide BS has reduced mortgage rates across its two-, three- and five-year fixed products by up to 0.25 percentage points.
Nationwide BS has reduced mortgage rates across its two-, three- and five-year fixed products by up to 0.25 percentage points.
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