Just one in four home owners in the UK with a mortgage understand how cuts to the Bank of England’s base rate could affect their mortgage payments, according to new research. In August the Bank of England made the first adjustment to the rate in over seven years, cutting it from 0.5% to 0.25% and mortgage rates soon fell as a result. Tracker rates dropped by 0.25% while fixed rates also hit record lows, with two year fixed rates available for as little as 1.39%. However lender Standard Variable Rates (SVRs), the default rates that borrowers often find themselves on as soon as an initial rate has ended, did not drop nearly as far. The average […]
New data released from Agency Express has revealed that activity in the lettings market rose markedly during November. According to the firm, the number of new listings ‘to let’ rose by 13.9% year-on-year, from an increase of just 3.4% rise in new properties coming to market during October. Rental Volumes The actual volume of properties let last month slipped by just -1% in the same period, representing a marked improvement from the -6.2% recorded at the same period last year. Regionally, nine of the twelve regions recorded by the Property Activity Index saw a growth in new listings to let, while seven regions saw a rise in properties let. In terms of properties let, the top […]
Residential property sales in the UK expected to remain steady in in the UK in 2017 and first time buyers will find it easier to get on the housing ladder, according to estate agents. After a year of political surprises and economic uncertainty almost half of estate agents, some 43%, believe that prices will stay the same over the coming year, the latest research from the National Association of Estate Agents (NAEA) shows.
The latest Hometrack UK Cities House Price Index has revealed that house price growth in London has fallen to 7.6%, the lowest level for 39 months, as affordability pressures and multiple policy changes aimed at investors weaken demand.
The property sector in the UK is showing resilience in the face of a tumultuous year, with confidence in the residential sector the strongest, according to new research. Indeed, some 74% of senior executives in the in the property and construction industries surveyed by investment management and tax group Smith & Williamson regard residential property as a strong five year investment, a 10% rise from 2015. The survey also shows that 62% are confident in the outlook for the residential sector whilst over half, some 54%, had confidence in the commercial sector.
There has been a lot written about the slowdown in the London real estate markets since the UK voted to leave the European Union, but new research shows some locations are seeing robust demand. Among them is the residential market in the Canary Wharf area where property firm JLL report strong sales and lettings demand with a good supply of properties coming on to the market, ensuring continued stability in the face of ongoing political and economic uncertainty.