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: falling mortgage rates could spur autumn boost for house market; Bank of England to cut interest rates and; UK house prices hit two-year high…
Falling mortgage rates could spur autumn boost for house market
“The average two-year fixed rate is now 5.56% (as of the start of September), which is a fall of 0.21% compared with August’s figures. Meanwhile, the average five-year fixed rate now stands at 5.20%, having fallen by 0.18% month-on-month”…
– Eleanor Harvey, BuyAssociation
Bank of England to cut interest rates, economists forecast
“The Bank of England will keep its main interest rate at 5% next week but reduce it in November even though inflation is expected to stay above the central bank’s 2% target, a firm majority of economists in a Reuters poll said.
All 65 economists in the Sept. 6-11 poll predicted the Bank Rate will be left at 5% next week”…
– Marc Da Silva, Property Industry Eye
UK house prices hit two-year high as market recovers from Truss mini-budget
“UK house prices hit a two-year high last month, in the latest sign that the property market has recovered from the aftermath of Liz Truss’s infamous mini-budget that sent borrowing costs soaring, according to the latest figures from Halifax.
The lender said the cost of an average house increased by 0.3% last month, after rising 0.9% in July, pushing the average cost of a property to £292,505”…
– Mark Sweney and Graeme Wearden, The Guardian
House price growth continues to outpace inflation across the UK
“After a prolonged period of economic headwinds, the UK economy is starting to show signs of recovery and growth and the current 2.8% rate of inflation is close to the Bank of England’s target of 2%. At the same time, house prices have not only stabilised, but are showing strong signs of growth, with the latest UK House Price Index recording a fifth consecutive month of monthly growth, and a fourth consecutive month of annual growth”…
– Property reporter
Ministers unveil plans to reform the UK’s rented property market
“Landlords and renters are facing the biggest changes to the private rental sector in decades under new legislation that will end “no fault” evictions and tighten standards for the conditions and maintenance of rented homes”…
– Joshua Oliver, Financial Times
