{"id":25920,"date":"2024-08-27T10:41:22","date_gmt":"2024-08-27T09:41:22","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2024\/08\/27\/residential-property-review-august-2024\/"},"modified":"2024-08-27T11:46:41","modified_gmt":"2024-08-27T10:46:41","slug":"residential-property-review-august-2024","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2024\/08\/27\/residential-property-review-august-2024\/","title":{"rendered":"Residential\u00a0Property Review – August 2024"},"content":{"rendered":"
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First cut in Bank Rate in over four years<\/strong> <\/p>\n<\/div>\n\n

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The Bank of England has reduced Bank Rate for the first time in more than four years. <\/strong> <\/p>\n<\/div>\n\n

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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 Rate, by 5 votes to 4. Many major mortgage lenders had already reduced their rates in anticipation of the cut and more are expected to follow suit. Despite this, the reduction is not expected to make a significant difference to mortgage affordability overall, however it is hoped to be the first of more cuts which should alleviate some of the financial pressures on homebuyers.  <\/p>\n<\/div>\n\n

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Matt Smith, Rightmove\u2019s mortgage expert, commented, \u201cWhile those looking to take out a mortgage soon shouldn\u2019t expect to see drastically lower mortgage rates, we would expect the downward trend we\u2019ve started to see continue.\u201d<\/em> <\/p>\n<\/div>\n\n

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Renters\u2019 Rights Bill \u2013 what\u2019s in it<\/strong> <\/p>\n<\/div>\n\n

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The government has released notes on what to expect in the Renters\u2019 Rights Bill, which is due to introduced in the autumn.  <\/strong> <\/p>\n<\/div>\n\n

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As promised in Labour\u2019s manifesto, the Bill will include the end of \u2018no fault\u2019 evictions but will have clear possession grounds for landlords needing to reclaim their properties. Renters will also have improved rights enabling them to challenge rent increases. Plus, the government plans to end \u2018bidding wars\u2019 on rental properties, although property experts Rightmove commented that this may be difficult as there are currently 15 prospective tenants for every rented property.  <\/p>\n<\/div>\n\n

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Tenants will gain the right to request a pet, which the landlord must consider and cannot unreasonably refuse, however they can request appropriate insurance is purchased to cover any accidental damage.  A Decent Homes Standard is also expected to be applied to the Private Rented Sector to improve the quality of rental properties. <\/p>\n<\/div>\n\n

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The UK\u2019s fastest selling homes<\/strong> <\/p>\n<\/div>\n\n

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Research by Zoopla has revealed the homes that sell the fastest in the UK. <\/strong> <\/p>\n<\/div>\n\n

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In England and Wales, almost half (49%) of homes find a buyer within 30 days of going on the market. This figure increases to 75% in Scotland where properties are valued and surveyed upfront, thus speeding up the homebuying process.  <\/p>\n<\/div>\n\n

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In Q2 of this year, the fastest-selling property type on Zoopla was two-bed terraced houses, which took an average of 27 days to sell. It then usually takes another four months for the transaction to be completed. These properties appeal to a range of buyers, from first-time buyers to empty-nesters looking to downsize. Notably, there is also more competition for this kind of home due to limited supply, as they made up only 7% of new properties listed in the last three months.  <\/p>\n<\/div>\n\n

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Interestingly, the slowest-selling properties are detached homes with at least four bedrooms, taking an average of 40 days before a sale is agreed. This is probably due to associated higher mortgage costs combined with a spike in supply of larger homes.   <\/p>\n<\/div>\n\n

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It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.<\/em><\/strong> <\/p>\n<\/div>\n\n

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All details are correct at the time of writing (19 August 2024)<\/strong> <\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":12,"featured_media":25956,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,37],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/25920"}],"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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=25920"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/25920\/revisions"}],"predecessor-version":[{"id":25958,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/25920\/revisions\/25958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/25956"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=25920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=25920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=25920"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=25920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}