{"id":138196,"date":"2023-07-04T20:00:15","date_gmt":"2023-07-04T13:00:15","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-uks-housing-market-is-hurting-everyone-time-to-rethink-the-whole-thing-josh-ryan-collins\/"},"modified":"2023-07-04T20:08:43","modified_gmt":"2023-07-04T13:08:43","slug":"the-uks-housing-market-is-hurting-everyone-time-to-rethink-the-whole-thing-josh-ryan-collins","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-uks-housing-market-is-hurting-everyone-time-to-rethink-the-whole-thing-josh-ryan-collins\/","title":{"rendered":"The UK's housing market is hurting everyone. Time to rethink the whole thing | Josh Ryan-Collins"},"content":{"rendered":"


\nThere appears to be no relief in sight for homeowners or renters \u2013 but there are things that can be doneThere will be no government handouts for the hundreds of thousands of homeowners facing crippling increases in monthly mortgage repayments after the Bank of England\u2019s decision to raise rates to 5%. To do so would defeat the object of the interest rate rise \u2013 to cool down the economy \u2013 and prolong the inflation crisis. Further rate rises look likely as inflation proves more sticky in the UK than many other high-income economies.The government is instead opting to get the UK\u2019s major banks to agree to a voluntary \u201cmortgage charter\u201d. This involves offering forms of temporary relief such as short-term switches to interest-only repayments, as well as extending the period between missed payments and forcible home repossession. Labour has proposed a similar response. This is sensible. Banks should be well placed to absorb some reductions in returns, being better capitalised and enjoying high returns on their lending on the back of recent interest rate rises. But if rates stay higher for longer, additional assistance may be needed to avoid repossessions.Josh Ryan-Collins is associate professor of economics and finance at the UCL Institute for Innovation and Public Purpose Continue reading…
\n
\nSource : theguardian.com
\nRead more…The UK’s housing market is hurting everyone. Time to rethink the whole thing | Josh Ryan-Collins<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There appears to be no relief in sight for homeowners or renters \u2013 but there...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-138196","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-zWY","jetpack-related-posts":[{"id":137473,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wednesday-briefing-how-to-solve-the-uks-mortgage-mess-as-interest-rates-rise-again\/","url_meta":{"origin":138196,"position":0},"title":"Wednesday briefing: How to solve the UK\u2019s mortgage mess, as interest rates rise again","date":"June 21, 2023","format":false,"excerpt":"\r In today\u2019s newsletter: Rising inflation and interest rates mean real pain for homeowners \u2013 with few signs of relief on the waySign up here for our daily newsletter, First EditionGood morning. Some call it a catastrophe. Others prefer crisis, \u201cticking timebomb\u201d or a plain, old-fashioned nightmare.Whichever disaster movie term\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":138224,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-homeowners-share-your-experience-of-having-a-variable-rate-mortgage\/","url_meta":{"origin":138196,"position":1},"title":"UK homeowners: share your experience of having a variable rate mortgage","date":"July 6, 2023","format":false,"excerpt":"\r We\u2019d like to hear from homeowners in the UK who are stuck on variable mortgage rates, and how interest rate rises have been affecting themWe\u2019re interested to hear from homeowners in the UK who are stuck on mortgage deals with variable rates.Recent back-to-back interest rate rises mean that repayments\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":81898,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mortgages-as-a-rate-rise-looms-its-time-to-fix-repayments\/","url_meta":{"origin":138196,"position":2},"title":"Mortgages: as a rate rise looms, it\u2019s time to fix repayments","date":"March 5, 2018","format":false,"excerpt":"\r Security over monthly outgoings is vital for many homeowners. Here\u2019s a guide to the best dealsIt was a sharp reminder to a generation of homeowners that low rates would not last forever when Bank of England governor Mark Carney announced in November that interest rates were to rise for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":140026,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/every-night-is-sleepless-the-people-falling-behind-on-mortgage-repayments\/","url_meta":{"origin":138196,"position":3},"title":"\u2018Every night is sleepless\u2019: the people falling behind on mortgage repayments","date":"October 26, 2023","format":false,"excerpt":"\r With interest rates still high and mortgage arrears at highest levels since 2016, we hear from three people struggling to payWith mortgage borrowers reeling from 14 consecutive Bank of England base rate rises, the number of households falling behind on payments is rising. Mortgage arrears jumped 13% in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":140912,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/homeowners-face-19bn-rise-in-mortgage-costs-as-fixed-rate-deals-expire\/","url_meta":{"origin":138196,"position":4},"title":"Homeowners face \u00a319bn rise in mortgage costs as fixed-rate deals expire","date":"January 4, 2024","format":false,"excerpt":"\r As many as 1.5m households are expected to face a mortgage payment hike this year as their fixed-rate deals come to an end\u2018Sleepless nights\u2019: UK homeowners fear impact of 2024 mortgage timebombHomeowners are facing a \u00a319bn surge in mortgage costs as millions more fixed-rate deals expire and borrowers are\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139158,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-homeowners-tell-us-if-you-got-into-mortgage-arrears-recently\/","url_meta":{"origin":138196,"position":5},"title":"UK homeowners: tell us if you got into mortgage arrears recently","date":"September 13, 2023","format":false,"excerpt":"\r We\u2019d like to hear from homeowners who have fallen behind with their mortgage repayments in recent monthsMortgage arrears jumped by 13% in the second quarter of the year to the highest level since 2016, according to Bank of England figures, as rising interest rates and unemployment over recent months\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/138196"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=138196"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/138196\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=138196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=138196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=138196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}