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- The UK housing market saw a surge in sales in September, reaching its highest rate of increase since the post-lockdown recovery. Lower mortgage rates fueled demand among buyers, leading to a 25% rise in sales agreed compared to the previous year, according to Zoopla.
- Inquiries from buyers to estate agents grew by 26%, the fastest pace in over three years. This surge in interest can be attributed to the confidence boost provided by lower mortgage rates, encouraging homeowners who have been waiting on the sidelines to make their move.
- With mortgage rates at their lowest level in more than a year, the market is experiencing double-digit growth across key sales indicators. This trend reinforces the ongoing recovery of the UK property market as quoted mortgage rates continue to decrease.
- The Bank of England reported a significant rise in mortgage approvals in August, with Nationwide seeing the fastest pace of approvals in two years in September. The average two-year fixed rate deal with a 60% loan-to-value ratio dropped to 4.7% in August, indicating a favorable environment for buyers.
- Economists predict further declines in swap rates in September, signaling potential for mortgage rates to decrease further and house price growth to accelerate in the coming year. This projection paints a positive outlook for the housing market.
- Zoopla observed a 16% annual increase in new properties entering the market, along with a 12% rise in the stock of homes available for sale. Speculation around potential tax changes in the Budget is prompting investors, second homeowners, and those with multiple properties to consider selling.
- Coastal and rural areas are seeing a significant uptick in supply growth, particularly in regions like Truro, Exeter, and Lincoln where home listings have increased by over 20% annually. Possible tax adjustments coupled with council tax changes are influencing sellers’ decisions.
- Nigel Bishop, the managing director of Recoco Property Search, highlighted the impact of tax reforms on second homeowners and buy-to-let investors. If a substantial number of second homes hit the market, areas like Cornwall may become more attractive to homebuyers looking for permanent residences at more affordable prices.
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