{"componentChunkName":"component---src-templates-post-js","path":"/overpaying-for-homes/","result":{"data":{"ghostPost":{"id":"Ghost__Post__6110fa0d6e4273003be1e10c","title":"Mortgage rejections rise","slug":"overpaying-for-homes","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/08/503.png","excerpt":"Plus: more offices converted to homes, Hargreaves profits rise, exploitative PCR test charges.","custom_excerpt":"Plus: more offices converted to homes, Hargreaves profits rise, exploitative PCR test charges.","created_at_pretty":"09 August, 2021","published_at_pretty":"09 August, 2021","updated_at_pretty":"09 August, 2021","created_at":"2021-08-09T09:49:01.000+00:00","published_at":"2021-08-09T09:55:39.000+00:00","updated_at":"2021-08-09T10:02:12.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"},{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"}],"plaintext":"“Down valuations” on the up\nMore home buyers could be facing mortgage rejections amid a rise in “down\nvaluations”\n[https://www.telegraph.co.uk/property/buy/banks-refusing-lend-buyers-overpay-homes/]\n*. If a surveyor - working on behalf of the lender - values a property at less\nthan a buyer has agreed to pay for it, the lender can reduce the amount they’re\nwilling to lend. After a year of surging house prices, high demand, and bidding\nwars between buyers, it’s happening more often.\n\nMore homes, less high street?\nWe could start seeing more homes for sale\n[https://inews.co.uk/inews-lifestyle/money/ethical-money/less-red-tape-not-easy-answer-high-street-converting-properties-new-homes-1133583] \nin former shops, offices and restaurants, under the government’s newly relaxed\nplanning laws. Developers no longer need council permission to turn commercial\nbuildings into residential space. But not everyone’s happy - town planners warn\ncommunities could lose essential services, and insurer Zurich also say\nrushed-through homes could be “sub-standard”.\n\nHargreaves to the moon\nHargreaves Lansdown has seen its profits rise\n[https://www.reuters.com/world/uk/hargreaves-profit-rises-gamestonk-frenzy-attracts-record-new-clients-2021-08-09/] \nthanks to a boom in traders wanting to get in on the GameStop squeeze. The UK’s\nbiggest fund supermarket says it has signed up record numbers of new clients\nover the past year.\n\n“Exploitative” PCR tests\nHealth secretary Sajid Javid has ordered the competition watchdog to investigate\nthe costs of coronavirus PCR tests. Some holidaymakers say they’ve been charged\nhundreds for a test\n[https://www.cityam.com/sajid-javid-calls-for-cma-investigation-into-exploitative-pcr-test-costs/]\n, which is essential for some travel. They’re meant to cost £75.","html":"

“Down valuations” on the up

More home buyers could be facing mortgage rejections amid a rise in “down valuations”*. If a surveyor - working on behalf of the lender - values a property at less than a buyer has agreed to pay for it, the lender can reduce the amount they’re willing to lend. After a year of surging house prices, high demand, and bidding wars between buyers, it’s happening more often.

More homes, less high street?

We could start seeing more homes for sale in former shops, offices and restaurants, under the government’s newly relaxed planning laws. Developers no longer need council permission to turn commercial buildings into residential space. But not everyone’s happy - town planners warn communities could lose essential services, and insurer Zurich also say rushed-through homes could be “sub-standard”.

Hargreaves to the moon

Hargreaves Lansdown has seen its profits rise thanks to a boom in traders wanting to get in on the GameStop squeeze. The UK’s biggest fund supermarket says it has signed up record numbers of new clients over the past year.

“Exploitative” PCR tests

Health secretary Sajid Javid has ordered the competition watchdog to investigate the costs of coronavirus PCR tests. Some holidaymakers say they’ve been charged hundreds for a test, which is essential for some travel. They’re meant to cost £75.

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