The 7am Cut

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: three big banks reduce mortgage rates ahead of the election; UK economy grew more than first estimated in early 2024 and; what’s happening to UK mortgage rates?…

UK rental demand will only increase as population rises, says expert

“Property investors and buy-to-let landlords have reported swelling demand in the UK rental space in the majority of regions across the country. There has also been a rise in the number of tenants staying put for longer rather than entering the competitive race for a new rental home, creating more stability in the sector”…

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– Eleanor Harvey, BuyAssociation

Three big banks slash mortgage rates ahead of election

“Three of the UK’s biggest lenders have cut their fixed mortgage rates in the past week in anticipation of interest rate cuts after the election.

HSBC has followed Barclays and NatWest to become the latest lender to bring down home loan costs, and more are expected to follow”…

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– Fran Ivens, The Telegraph

UK economy grew more than first estimated in early 2024

“The economy grew by more than initially estimated in the first three months of 2024 as the UK emerged from recession, revised official figures show.

Between January and March, the economy grew by 0.7% the Office for National Statistics (ONS) said.

Figures released last month initially estimated growth had been 0.6%”…

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– Michael Race, BBC News

What’s happening to UK mortgage rates?

“Mortgage rates remain high but major lenders have started reducing pricing in anticipation of interest rate cuts in the coming months.

It comes as mortgage rates have been on the rise since earlier this year. Average mortgage rates on two- and five-year fixed-rate deals crept up by 0.02% in May, according to Moneyfacts. In April, rates rose by 0.1%, in March they increased by about 0.04%, while in February average rates ticked up by 0.18%”…

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–  Henry Sandercock, MoneyWeek

Liverpool’s long awaited Isle of Man ferry terminal opens for business

“At long last the first passengers boarded a vessel from the long-awaited transport hub yesterday, which offers a strategic route to and from Liverpool”…

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– Rory Sheehan, Place North West

Hollywood theme park in Bedford promises £50bn boost to Britain

“A new Hollywood theme park near Bedford would deliver a £50bn boost to the economy, Universal has claimed.

The US film studio has outlined plans for its first theme park in Europe after buying a 480-acre plot of land in Bedfordshire”…

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– James Warrington; Daniel Woolfson, The Telegraph