Category archives: Residential Property Review

Improving conditions in the residential market  Activity in the residential property market is picking up as house prices continue to show modest growth, according to Savills.   In August, mortgage approvals were only 3% below pre-pandemic levels. In September, sales agreed and new instructions were 8% and 9% above their respective 2017-2019 averages, highlighting that supply […]

Recovery in the residential market  Recent data indicates that the residential property market is continuing to recover.   According to TwentyCi, in the period from June to August 2024, sales agreed were only 1% lower than pre-pandemic levels. Promisingly, the number of new property listings was up 3%, indicating growing confidence among sellers. Meanwhile, Bank of […]

First cut in Bank Rate in over four years  The Bank of England has reduced Bank Rate for the first time in more than four years.   The rate is now 5%, having been held at 5.25% since August 2023, after 14 consecutive increases. The Monetary Policy Committee (MPC) marginally voted in favour of reducing Bank […]

A new Labour government – what next for housing?   Following the Labour Party’s landslide election win, what changes might be in store for the UK housing market?   In the Prime Minister’s introduction to the King’s Speech on 17 July, Sir Keir Starmer stated “Too many people currently live with the threat of insecurity and injustice, […]

Housing market update  The UK housing market continues to show modest signs of recovery, according to the latest data from Savills.   Despite some house price growth, a significant upturn is considered unlikely until mortgage affordability improves.   Buyer activity continues to improve, as the number of sales agreed in May was 10% higher than the 2017-2019 […]

Housing market latest   The property market continues to find its feet after a difficult 2023, with buyers remaining cautious due to the higher cost of borrowing.     Mortgage rates may not be as high as they were last summer, but they are still elevated. While most experts agree that Bank Rate will be cut this year, […]

Upcoming election has not discouraged potential movers  A survey by Savills has found that the prospect of the UK General Election has not put off the majority of home movers.   According to the report, 79% of respondents have not changed their intentions to move because of the UK election; in fact, 13% said that they […]

RICS responds to the Spring Budget   The Royal Institution of Chartered Surveyors (RICS) has released a statement in response to the Spring Budget.   On 6 March, the Chancellor announced that twenty more towns will join the Long-Term Plan for Towns, each receiving £20m. RICS was supportive of this investment, as well as the government’s deeper […]

Positive start to the year for the housing market  Increased demand from buyers and sellers is helping to get the housing market back on track this year.   According to the Royal Institution of Chartered Surveyors (RICS), the data on new buyer enquiries is consistent with a gradual recovery which shows a 7% uptick in January, […]