{"id":16617,"date":"2023-07-11T13:52:38","date_gmt":"2023-07-11T12:52:38","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=16617"},"modified":"2023-07-11T13:53:16","modified_gmt":"2023-07-11T12:53:16","slug":"summer-2023-what-next-for-the-housing-and-mortgage-markets","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2023\/07\/11\/summer-2023-what-next-for-the-housing-and-mortgage-markets\/","title":{"rendered":"Summer 2023 – what next for the housing and mortgage markets?"},"content":{"rendered":"
\n

Activity in the housing and mortgage markets is hotting up \u2013 and cooling down. According to the latest Residential Market Survey from the Royal Institution of Chartered Surveyors, a run of thirteen successive negative monthly readings for new instructions ended in May, marking the strongest reading for new listings since March 2021<\/strong>1<\/sup><\/strong>. Yet house prices are still predicted to fall in the second half of the year.<\/strong> <\/p>\n<\/div>\n\n

\n

What next for house prices?<\/strong> <\/p>\n<\/div>\n\n

\n

House price growth dipped in May and notably the annual rate of growth fell to -1.0%, marking the first time since 2012 that house prices have fallen year-on-year2<\/sup>. It remains to be seen which way the market will veer in the second half of 2023. <\/p>\n<\/div>\n\n

\n

If, as many are predicting, a flurry of mortgaged homeowners are forced to sell up when their current fixed-term deals end, the market could see a boost to supply that might reinforce the downward price movement. Analysts suggest too that first-time buyers (FTBs) could be delaying their homebuying plans in the hope that mortgage rates or house prices are about to fall sharply. <\/p>\n<\/div>\n\n

\n

Bank Rate<\/strong> <\/p>\n<\/div>\n\n

\n

Meanwhile, the Bank of England\u2019s (BoE\u2019s) Monetary Policy Committee (MPC) increased Bank Rate in June, taking it to 5%. Borrowing costs are now at their highest level since 2008. Those with tracker or variable rates have seen immediate higher repayments. <\/p>\n<\/div>\n\n

\n

Return of the 100% LTV mortgage<\/strong> <\/p>\n<\/div>\n\n

\n

The mortgage market is kicking back into action too, with one especially noteworthy development, the launch of a new mortgage product that allows FTBs to take out a loan on the full value of their home. The 100% loan-to-value (LTV) mortgage is exclusively for current renters and depends on their being able to prove a track record of timely rent payments. <\/p>\n<\/div>\n\n

\n

Don\u2019t second guess<\/strong> <\/p>\n<\/div>\n\n

\n

Whatever happens in the months ahead, we\u2019re here to help you make the right decisions for your unique circumstances. <\/p>\n<\/div>\n\n

\n

1<\/sup>RICS, 2023 <\/p>\n<\/div>\n\n

\n

2<\/sup>Halifax, 2023 <\/p>\n<\/div>\n\n

\n

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.<\/strong> <\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Activity in the housing and mortgage markets is hotting up \u2013 and cooling down. According to the latest Residential Market Survey from the Royal Institution of Chartered Surveyors, a run of thirteen successive negative monthly readings for new instructions ended in May, marking the strongest reading for new listings since March 20211. Yet house prices […]<\/p>\n","protected":false},"author":4,"featured_media":16618,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,91],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/16617"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=16617"}],"version-history":[{"count":5,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/16617\/revisions"}],"predecessor-version":[{"id":16623,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/16617\/revisions\/16623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/16618"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=16617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=16617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=16617"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=16617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}