Weekly Property News Round Up – 03.08.24

Welcome to this week’s edition of Property News Weekly, where we bring you the latest updates shaping the real estate landscape.

In a significant move, the Bank of England has announced a cut in interest rates, a decision poised to impact property markets across the UK. Join us as we delve into how this change could influence buying, selling, and investment trends in the coming weeks.

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Now, let’s have a look at the latest headlines that have caught our eye this week…

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Property News this Week:

Interest Rates are Cut

The Bank of England has cut its base interest rate by 0.25% from a 16-year high of 5.25% to 5%, it has been announced. Members of the Bank’s Monetary Policy Committee voted narrowly for a cut by five votes to four. The property industry eagerly awaited the outcome, hoping that a cut would come and give the housing market an extra push as the summer holidays begin. Major lenders such as Halifax, NatWest and Santander all cut their mortgage rates in anticipation of a possible rate cut today.

London Prime Property Prices Rise

While prices have increased, the latest data shows, they are 0.6% lower compared to this time last year, and 6.2% below the height of the market in 2014. Buyers in London are negotiating 7.7% off the price of million-pound properties on average, with three quarters of all prime properties in the last quarter selling for less than asking price. Prices in areas which historically have been some of the most expensive in the capital have continued to offer buyers greater ‘value for money’, including Mayfair and St James’s saw house prices drop below £2,000 per square foot for the third quarter in a row.

19 Month High for UK House Price Growth

UK house price growth hit a 19-month high in July but affordability pressures remain for buyers, according to Nationwide. The latest Nationwide House Price Index suggests the property market may be turning a corner after a year where buyers and sellers have navigated sticky inflation, high mortgage rates and a general election.

That concludes this week’s updates. If you have any thoughts or questions about these headlines, feel free to reply—I’d love to chat with you about the latest market trends and discuss your investment goals.

I’ll be back next week with more insights on the property market. Enjoy your weekend!

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Weekly Property News Round Up – 03.08.24

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