BuyAssociation curates a weekly news letter of the top property news headlines \u2013 to receive your weekly round up of property news, register today<\/a>.<\/p>\n In the news this week: mortgage approvals in the UK have reached their highest level in 17 months; rental costs surge across the UK; and tenant retention increases…<\/p>\n <\/p>\n “UK mortgage approvals beat expectations in February to hit their highest in 17 months, according to official data that reflects the fall in borrowing costs since the middle of last year.<\/p>\n Net mortgage approvals for house purchases rose to 60,400 in February from 56,100 in January, the Bank of England said on Tuesday. The figure exceeded the 56,500 forecast by economists in a Reuters poll and was the highest since September 2022″…<\/p>\n Read the full article<\/strong><\/a><\/p>\n <\/p>\n “Property prices have grown by 0.3% annually, with house prices up 2% on the previous quarter, reveals Halifax\u2019s latest house price index. Kim Kinnaird, director at Halifax Mortgages, said: \u201cThe broader picture is that house prices are up year-on-year, reflecting the opposing forces of an easing cost of living squeeze \u2014 now that pay growth is outpacing general inflation \u2014 and relatively high interest rates.<\/p>\n \u201cLooking ahead, that trend is likely to continue. Underlying demand is positive, as greater numbers of people buy homes, demonstrated by recent rises in mortgage approvals across the industry and underpinned by a strong labour market”…<\/p>\n Read the full article<\/a><\/strong><\/p>\n <\/p>\n “The cost of renting is continuing to soar across the UK – and Greater Manchester is no exception. Rents have now risen by 8.8% across the country, with prices up by as much as 20% in some areas.<\/p>\n Greater Manchester has seen some of the biggest rent rises in the UK, with three of its boroughs having the largest increases in the last year. Rent prices in Oldham, Rochdale and Salford are soaring, having gone up by more than 12 percent since February 2023″…<\/p>\n Read the full article<\/a><\/strong><\/p>\n <\/p>\n “Long-term tenants carry a number of benefits to landlords from an investment perspective, and new research indicates renters could be staying in their rental homes for longer.<\/p>\n Tenant demand remains extremely high, says the report, with 89 new prospective tenants registered per member branch in February \u2013 a similar level to February 2023. However, rental stock levels have also fallen once more, with less than nine rental homes available on average per member branch”…<\/p>\n Read the full article<\/strong><\/a><\/p>\n <\/p>\n “The average cost of a home is now \u00a3261,142. But overall, affordability is improving and the property market could improve further if interest rates come down. Nationwide’s chief economist Robert Gardner said it showed “consumer sentiment is improving” as cost of living pressures ease and inflation comes down.<\/p>\n Also released on Tuesday was February data showing financial institutions approved the highest number of mortgages since September 2022″…<\/p>\n Read the full article<\/strong><\/a><\/p>\n <\/p>\n “There are plenty of signs that the UK construction space is in line for a more healthy year ahead.<\/p>\n This is largely down to an improving economic backdrop, with Capital Economics predicting that the Bank of England will lower its base rate \u2013 currently at 5.25% – to around 3% in 2025. The first cut is widely anticipated to come in June, with more to follow as the year progresses”…<\/p>\n Read the full article<\/strong><\/a><\/p>\n <\/p>\n Register today for your weekly round up of property news.<\/p>\n","protected":false},"excerpt":{"rendered":" The 7am Cut BuyAssociation curates a weekly news letter of the top property news headlines \u2013 to receive your weekly round up of property news, register today. In the news this week: mortgage approvals in the UK have reached their highest level in 17 months; rental costs surge across the UK; and tenant retention increases…… Read more »<\/a><\/p>\n","protected":false},"author":4212,"featured_media":6100266,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[716,59,1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/6100263"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/4212"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=6100263"}],"version-history":[{"count":5,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/6100263\/revisions"}],"predecessor-version":[{"id":6100484,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/6100263\/revisions\/6100484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/6100266"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=6100263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=6100263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=6100263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}UK mortgage approvals hit 17-month high, says Bank of England<\/strong><\/h3>\n
– <\/em>Valentina Romei<\/em>, Financial Times<\/em><\/strong><\/h4>\n
House prices continue upward trend<\/h3>\n
\u2060– Jodie Bradley, Bridging and Commercial<\/em><\/strong><\/h4>\n
Rent rises across the Greater Manchester boroughs<\/h3>\n
– <\/em>David Dubas-Fisher-MEN &\u00a0Phoebe Jobling<\/em>, Manchester Evening News<\/em><\/strong><\/h4>\n
Good news for landlords as more tenants stay put for longer<\/h3>\n
– Eleanor Harvey, BuyAssociation<\/em><\/strong><\/h4>\n
Consumer sentiment is improving, UK’s largest building society says<\/strong><\/h3>\n
\u2060– Daniel Binns and Sarah Taaffe-Maguire<\/em>, Sky News<\/em><\/strong><\/h4>\n
UK new-build market is improving as construction costs stabilise<\/strong><\/h3>\n
– Eleanor Harvey, BuyAssociation<\/em><\/strong><\/h4>\n