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: 25% increase in demand sees house prices rise; HSBC to reduce fixed rate costs and; October house price index…
Will this month’s budget impact the housing market?
“There is already much speculation over what might appear in the Budget, which will be read out on 30th October 2024, four months after Labour came into power. Reducing the country’s debt and driving growth are of course top of the agenda, but it remains to be seen how this could be achieved.
At the same time, Prime Minister Keir Starmer has hinted at the potential to increase public spending, after reiterating his view that “borrowing to invest” can act as a “catalyst” for private investment, in comments made to Channel 4 News”…
– Eleanor Harvey, BuyAssociation
House prices rise as 25% increase in demand boosts UK property market
“The lowest mortgage rates for 15 months is supporting a rebound in sales market activity across the UK, the latest House Price Index from Zoopla reveals.
Sales agreed and buyer demand are both up by more than a quarter over the last four weeks compared to the corresponding period a year ago as households that have held off making moving decisions over the last two years return to the market”…
– Marc da Silva, Property Industry Eye
Mortgage news: HSBC to reduce fixed rate costs
“HSBC is cutting fixed rates across its residential and buy-to-let deals as the market’s price war shows no sign of slowing, writes Jo Thornhill.
The high street banking giant – which already offers some of the most competitive deals on the market – has confirmed it will slash the cost of fixed rates from tomorrow (3 October)”…
– Laura Howard and Jo Thornhill, Forbes
House price index: October 2024
- “Lowest mortgage rates for 15 months boost sales market activity.
- Buyer demand and sales agreed up 25% since 2023.
- Buyers remain price-sensitive, keeping price rises in check.
- Average UK house price rises almost 1% in a year”…
– Richard Donnell, Zoopla
The recovering UK housing market: who benefits?
“As the chart below shows, the latest Bank of England data on mortgage approvals for new purchases in August reveals that we are now almost back to the average number of monthly transactions seen in the five years prior to the pandemic”…
– John Stepek, Bloomberg
