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: interest rates are cut to 4.75% which will affect mortgages and house prices are at a record high…
Interest rates cut to 4.75% as investor confidence rises
“Many borrowers will be breathing a sigh of relief today as the outlook for mortgage rates improves once more, thanks to the Monetary Policy Committee’s (MPC’s) vote to bring down the base rate once more. It now sits at 4.75% after a 25bp fall from 5%, having been held at 5.25% since August last year”…
– Eleanor Harvey, BuyAssociation
Bank of England base rate falls by 0.25%: what does this mean for mortgages?
“The Bank’s base rate cut bodes well for borrowers, who have faced a tricky few years navigating the mortgage market.
Those with mortgages that follow the base rate, such as a tracker mortgage, are likely to see an immediate change”…
– Annabel Dixon, Zoopla
House prices at record high, says UK’s biggest lender
“Halifax’s monthly house price index found that the cost of the average home hit £293,999 in October, the highest ever recorded, outstripping the £293,507 reached in June 2022.
The 0.2% rise in October is the fourth consecutive month of growth, and brought the annual growth rate to 3.9%, from 4.6% in September”…
– Jack Simpson, The Guardian
House prices will grow £84k from now until 2029 with the North driving the boom as Savills uprates forecasts
“The typical home will grow £84,000 in value from now until 2029, according to latest house price predictions from Savills.
The property firm now predicts average home values to increase 4 per cent in 2025 and then 23.4 per cent by the start of 2029”…
– Ed Magnus, This is Money
Liverpool’s £100m Baltic Station chugs on
“Liverpool Baltic isn’t just about improving connectivity – it’s about creating new opportunities, connecting our communities to jobs, education, and each other, and contributing to a healthier, greener Liverpool city region”…
– Charlie Valentine, Place North West
