Category archives: Residential Property Review

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, […]

Falling mortgage rates bolster housing market   Hope seems to be on the horizon for the housing market as the year gets off to a promising start.  The decision from many mortgage lenders to reduce rates seems to have had the desired effect, as buyer interest has noticeably increased. Lenders are competing to offer the best […]

Sellers knock £18,000 off asking prices  Sellers accepted an average discount of £18,000 on their property sale in November 2023 – the highest average price cut in five years.   This is according to property portal Zoopla, which stated that high mortgage rates are continuing to impact housing affordability for buyers – meaning that sellers are […]

Residential supply and demand less downbeat  According to the Royal Institution of Chartered Surveyors (RICS) October UK Residential Market Survey, demand is still falling faster than supply.  New buyer enquiries posted a net balance of -28% during October, marking eighteen successive months in which this indicator has been in negative territory. Nevertheless, the latest reading […]