The 7AM Cut
BuyAssociation curates a weekly news letter of the top property news headlines – to receive your weekly round up of property news, register today.
In the news this week: Bank of England lowers rates to 5%; major banks slash mortgages and; house prices rises at the fastest rate in 18 months…
Will property investors be spurred on by falling interest rates?
“When it comes to the property market, interest rates set by the Bank of England are important as they can have a big impact on the cost of borrowing from mortgage lenders.
Most analysts now expect lenders to be able to drop their borrowing costs further, enticing more property investors to buy and sell”…
– Eleanor Harvey, BuyAssociation
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Bank of England lowers rates to 5% in first cut since 2020
“The Bank of England has cut interest rates for the first time in more than four years in a knife-edge vote that marks a boost to the Labour government’s promise to kick-start economic growth.
The Monetary Policy Committee voted five to four to reduce the bank’s key rate by a quarter of a percentage point to 5 per cent, the BoE said on Thursday”…
– Sam Fleming, Financial Times
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Major banks slash mortgages as Bank of England cuts rate
“High street lenders including Halifax, NatWest and Santander have dropped their mortgage rates as the Bank of England cut its headline rate to 5pc.
Experts now say rates could fall to as low as 3.5pc by early next year”…
– Fran Ivens, The Telegraph
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UK house prices rise at fastest rate in 18 months, Nationwide reports
“The building society said the average house price in the UK was £266,334 across July, up 0.3% on the previous month.
This resulted in an increase in the annual rate of house price growth from 1.5% in June to 2.1% in July, the fastest rate since December 2022″…
– Jack Simpson, The Guardian
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How will increased housing targets impact the North?
“Labour is aiming to deliver 370,000 a year over the course of the parliament. To do so, it has raised local authority housing targets by as much as 1,300%”…
– Dan Whelan, Place North West
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House Price Index: July 2024
“The housing market continues to adjust to +4% mortgage rates with positive signs of increased activity. More sellers continue to list homes for sale, and more sales are being agreed. Buyers are also paying a greater proportion of the asking price as confidence improves”…
– Richard Donnell, Zoopla
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BuyAssociation is an established voice in the UK property industry. As well as producing our own content and daily property articles, we curate a newsletter each week highlighting the week’s top headlines for UK property news articles, stories and reports. Stay ahead of the market and join over 30,000 of the world’s most informed property investors by registering today!
The 7am Cut – 5/8/2024
