Housing Market shows sign of improvement despite high rates

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Get in touch with Mortgage Broker UK today to discuss your Residential, First-time Buyer, Contractor and Buy to Let Mortgage requirements. UK house prices fell by 0.2% in March. Nevertheless, the annual rate of house price growth edged […]

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UK house prices fell by 0.2% in March. Nevertheless, the annual rate of house price growth edged higher to 1.6% in March, from 1.2% in February.

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The figures come from the Nationwide and the lender’s chief economist – Robert Gardner – says: “Activity has picked up from the weak levels prevailing towards the end of 2023 but remain relatively subdued by historic standards. For example, the number of mortgages approved for house purchase in January was around 15% below pre-pandemic levels.

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“This largely reflects the impact of higher interest rates on affordability. While mortgage rates are below the peaks seen in mid-2023, they remain well above the lows prevailing in the wake of the pandemic”

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Source: Introducer Today

House Prices Rise for Second Month in a Row

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Get in touch with Mortgage Broker UK today to discuss your Residential, First-time Buyer, Contractor and Buy to Let Mortgage requirements. After a surprising fall in house prices last month, economists have indicated that it was merely a […]

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After a surprising fall in house prices last month, economists have indicated that it was merely a temporary setback and expect prices to continue rising throughout the year.

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Despite a 0.2% decline in March, home values had previously risen in both January and February, showing an overall positive trend. House prices across the UK are currently 1.6% higher than they were a year ago, representing the strongest year-on-year growth since December 2022.

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According to Nationwide, the average price of a house in the UK is now £261,142, with economists predicting that prices will end the year significantly higher than they started. Although March saw a decline, economists believe it to be a “blip” and expect prices to resume their upward trajectory.

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Source: Business Matters

Analysis shows long term rebalancing housing market

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Get in touch with Mortgage Broker UK today to discuss your Residential, First-time Buyer, Contractor and Buy to Let Mortgage requirements. The average volume of UK properties listed for sale month-on-month rose by 58% in 2023 compared to […]

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The average volume of UK properties listed for sale month-on-month rose by 58% in 2023 compared to a year previously, underscoring the rebalancing of supply and demand.

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According to new analysis by estate agency Jackson-Stops, the Isle of Wight was the front runner of this trend, seeing an 83% increase of homes on the market in one year alone, closely followed by Norfolk (78%), Somerset (75%) and Shropshire (75%).

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Jackson-Stops, who analysed average volumes of new listings on Rightmove’s website from 2022 to 2023, say the figures are representative of market resilience.

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Source: Introducer Today

Will the Held Interest Rate Change the UK Property Market?

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Get in touch with Mortgage Broker UK today to discuss your Residential, First-time Buyer, Contractor and Buy to Let Mortgage requirements. The Bank of England (BoE) announced their decision to hold the interest rate for the fifth consecutive […]

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The Bank of England (BoE) announced their decision to hold the interest rate for the fifth consecutive time this week. The current rate of 5.25% is the highest it has been for nearly 16 years, and it has been held at this level since August 2023. Previous to that, there was a run of 14 increases.

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By keeping the interest rate high, the BoE hopes to curb inflation, which is why they have been cautious about cutting rates despite the potential negative economic impact. Inflation has been falling since it peaked in October 2022 and now stands at 3.4%. However, this is still a way off the Bank’s target of 2%.

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Keeping an eye on these economic announcements is vital in all investment property strategies, and those in the property industry have been keenly tracking the changes in rates and sentiment to help them make their current investment decisions.

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Source: RWinvest

House prices increased 1.5% in March

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Get in touch with Mortgage Broker UK today to discuss your Residential, First-time Buyer, Contractor and Buy to Let Mortgage requirements. Increase exceeds historical trends for this time of year. Average house prices in March increased by 1.5% […]

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Increase exceeds historical trends for this time of year. Average house prices in March increased by 1.5% or £5,279 to reach £368,118, according to Rightmove’s latest house price index.

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This represents the largest monthly increase for 10 months, which Rightmove said signalled the continued recovery of the housing market after a muted 2023.

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This 1.5% increase surpasses the typical average rise observed in March, which historically stands at 1%. Year-on-year house prices have increased by 0.8%.

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Source: Housing Today

Property industry reacts to UK house price data

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Get in touch with Mortgage Broker UK today to discuss your Residential, First-time Buyer, Contractor and Buy to Let Mortgage requirements. Residential property prices increased by 0.4% in February, marking the fourth monthly increase in a row, according […]

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Residential property prices increased by 0.4% in February, marking the fourth monthly increase in a row, according to the latest Halifax house price index.

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The data shows that during the month property prices grew 1.7% on an annual basis, against a 2.3% in the prior month.

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The figures showed the average cost of a home in the UK is now £1,000 higher than last month.

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Source: Property Industry Eye

House prices remain remarkably stable

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Get in touch with Mortgage Broker UK today to discuss your Residential, First-time Buyer, Contractor and Buy to Let Mortgage requirements. The UK economy has shown unexpected resilience in the face of rising interest rates and inflation. Agreed, […]

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The UK economy has shown unexpected resilience in the face of rising interest rates and inflation. Agreed, the economy fell into a recession in the second half of last year, but so far, a very mild one.

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The high unemployment, financial stress and big company corporate failures that looked possible a couple of years ago have not materialised.

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The housing market has also held up, confounding expectations of sharply lower house prices.

The last time I wrote about house prices was in November 2022, in the aftermath of Kwasi Kwarteng’s ill-fated mini-budget. At that time I forecast a 15 per cent decline in house prices.

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Source: Reaction

Housing market shows signs of picking up

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Get in touch with Mortgage Broker UK today to discuss your Residential, First-time Buyer, Contractor and Buy to Let Mortgage requirements. Signs of life were seen in the UK housing market in the new year with a rise […]

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Signs of life were seen in the UK housing market in the new year with a rise in the number of mortgages being approved. Activity remains weak overall, with potential buyers still nervous about high interest rates.

But the latest Bank of England data shows approvals for house purchases rose to 55,200 in January from 51,500 in December.

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This was the highest level since October 2022. Borrowing on credit cards also picked up last month. People took on £1.9bn more in credit on cards, car finance and other loans in January than they repaid.

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Mortgage lenders have been shifting the interest rates charged on home loans at a rapid rate since the start of the year. This started with some significant cuts to the cost of new fixed-rate deals.

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BBC News

 

Why the ‘mood music’ surrounding the housing market outside London has changed

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Get in touch with Mortgage Broker UK today to discuss your Residential, First-time Buyer, Contractor and Buy to Let Mortgage requirements. An influx of new residents into Manchester, Birmingham, Leeds, Bristol, Edinburgh and Glasgow helped the housing market […]

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An influx of new residents into Manchester, Birmingham, Leeds, Bristol, Edinburgh and Glasgow helped the housing market remain resilient during 2023, according to a new report.

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New research from global property advisor JLL shows there was a surge in demand from renters and buyers for prime residential properties across the UK’s ‘big six’ despite high inflation and interest rates.

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The report, which tracks residential development activity, prices and rents across the six areas, highlighted a desire from city centre residents to live in ‘vibrant, highly-amenitised and well-connected central locations’.

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City A.M.

 

Calls grow louder for urgent stamp duty cut to boost property market

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Get in touch with Mortgage Broker UK today to discuss your Residential, First-time Buyer, Contractor and Buy to Let Mortgage requirements. Propertymark is the latest trade body to call on the Bank of England to cut interest rates […]

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Propertymark is the latest trade body to call on the Bank of England to cut interest rates to boost demand for property.

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It sees lower rates as key to increasing affordability levels and consumer confidence, particularly among first-time buyers, as well as ease the financial strains on homeowners in general.

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The news comes as property website Zoopla found that people who are buying their first home are paying an average of £244,100 – this is £20,300 below the local market average.

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Source: Property Industry Eye