The 7am CutIn the news this week: the property market is set to feel a boost after base rate cuts and house prices rise; Manchester tops the charts for residential investment in England; and Liverpool is receiving a £55 million acceleration into the Central Docks… |
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UK property market to feel boost from rate cuts, estate agents say“The Royal Institution of Chartered Surveyors said its monthly survey of estate agents pointed to “a meaningful pick-up in sales volumes going forward” in July. “The new government’s focus on boosting housing development alongside the recent 0.25 base rate cut does appear to have shifted the mood music,” said Simon Rubinsohn, Rics chief economist”… – Delphine Strauss, Financial Times |
House prices leap 2.3% after months of modest growth, says Halifax“Amanda Bryden, head of mortgages at Halifax, said: “Against the backdrop of lower mortgage rates and potential further Bank Rate reductions, we expect house prices to continue a modest upward trend throughout the remainder of this year.” The North West of England recorded strong growth, with the average property price rising 4.1% in the year to July, to £232,489″… – Jo Thornhill and Bethany Garner, Forbes |
Bank of England cuts base rate: what does this mean for mortgages?“The cost of a mortgage is not directly set by the Bank of England official base rate. Lenders mainly source their finance for fixed rate mortgages in the money markets. The cost of this money is influenced by the expected direction of base rates, amongst other things. Mortgage rates of 4-5%, while higher than the ultra low rates of 2019-2021, are becoming more manageable for home buyers. This is demonstrated by more sellers and more sales being agreed. Further growth in household incomes will help improve affordability, especially as we expect incomes to rise faster than house prices over the next 18 months”… – Richard Donnell, Zoopla |
Manchester trumps London in residential investment ranking“Manchester’s triumph is largely due to its economic performance. The report noted its predicted 2.2% annual GDP growth over the next five years – a figure that is well above the average for the 20 cities examined in the report (1.8%). Liverpool received a nod in the property section. This portion of the report looked at affordability and house price growth. Liverpool came in third in that category”… – Julia Hatmaker, Place North West |
House hunting picks up as some offer after 20 minutes“A survey by property portal Zoopla suggests that some of those buyers will make an offer after short viewings. A fifth of buyers questioned said they had looked around for less than 20 minutes before putting in their bid. It comes after the UK’s biggest mortgage lender said house prices are likely to rise for the rest of the year”… – Kevin Peachy, BBC News |
Demand for prime offices so high tenants look up to six years early“Businesses are growing so concerned about the shortage of top-quality office space that they are approaching landlords up to six years before the expiry of existing leases. Derwent London, one of the biggest developers and owners of offices in the capital, said that rents were rising even more quickly than had been thought previously”… – Tom Howard, The Times |
Hull pushes on with Levelling Up Fund allocations“Hull City Council said the funding will support the introduction of 48 full-time equivalent jobs and will also help to bring back into use 3,766 sq ft of unused floorspace. The total project costs are estimated at close to £1.2 million”… – Neil Tague, Place North |
