Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
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Home owners ‘face mortgage hike before election’
Approximately 100,000 homeowners with mortgages will see their costs rise before the General Election on 4 July, the Liberal Democrats claim.
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Agents are hoping for summer rate cut to boost buyer activity
Seventeen out of 20 of those surveyed believe that its higher mortgage rates that have dampened buyer market activity, with nearly eight out of 10 stating that the issue has persisted due to Bank’s 5.25% rate.
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Higher mortgage rates fail to bite as transactions rise for fourth month in a row
Transactions rose 5% from 86,420 in March 2024 to 90,430 in April 2024 and seasonally adjusted were 10% higher than in April 2023.
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PM promises interest rate cuts if voters stick with him
Rishi Sunak breaks with tradition by saying there would be reductions in interest rates under a Conservative government.
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Rightmove’s pre-election report sets out wish list for next government
The portal believes those four key areas - housebuilding, first-time buyer support, Stamp Duty reform and greater green incentives - are most in need to be addressed to help people move home.
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Lending boss predicts ‘significant upturn in market conditions’
Atelier boss Chris Gardner expects a prolonged period of recovery in market conditions given that since 1987 residential values have grown at 6.8% per year, a little more than double the rate of inflation.
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20% of bridging loans being used to stop chains breaking down
With conveyancing delays leading to protracted home purchase transactions and the potential for a greater number of broken chains, more homeowners are turning to bridging to secure the home they want to buy.
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Sales market won’t see traditional ‘election dip’ claims Rightmove
For the moment the change in Government will have little impact on the home-moving plans of the public, with 95% of people saying the General Election will not affect their approach.
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Election will kill off chance of interest rate cut in June, former BoE chief says
Michael Saunders, who was a member of the Bank of England's MPC, says the General Election and inflation figure kill off any chance of a rate reduction until August.
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SHOCK DATA: Just 14% of homes sold within 30 days of listing
New figures from agent comparison site GetAgent show that in some places, like Leicester, less than one in 10 properties are sold within 30 days.
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