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How Will the UK Election Impact the Property Market?

With the UK general election on the horizon, many are speculating about its potential effects on various sectors, with the property market being a significant area of interest. Historically, elections tend to bring a degree of uncertainty, and this one is no different.

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As the political landscape shifts, so too can the dynamics of property prices, buyer confidence, and overall market activity.

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Here, we delve into the possible scenarios and factors that could shape the property market in the wake of the upcoming election.

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Today’s Will & Probate

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UK House Prices Steady in May Boosted by Wage Growth

The latest figures from mortgage lender Halifax show that during the crucial spring sales period, UK house prices remained unchanged in May, supported by rising wages and a rise in economic confidence.

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However, the North West of England was the best performing region in the UK, with average house prices reaching £232,258 and annual price growth of 3.8% in May. In Northern Ireland, the trend of robust growth continued, with an increase of 3.2% in May.

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The latest information helps to prove that the housing market remains solid despite the Bank of England’s decision not to cut interest rates any further this month.

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Source: Econstrum

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Housing Market Sees Major Surge In Activity As Tenant Demand Rises

The housing market experienced a significant uptick in activity in April 2024, with increases in buyer registrations, new sales instructions, and sales agreed. Meanwhile, the lettings sector saw a rise in prospective tenant registrations, although demand continues to outstrip supply.

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Increase in residential sales activity
Propertymark’s latest Housing Insight Report reveals that the number of market appraisals per member branch rose from 22 in March to 26 in April 2024. This increase indicates a potential rise in future supply. The average number of sales agreed per branch also saw an upward trend, suggesting a more active market as spring begins.

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Fluctuating rents and reduced arrears
In the lettings sector, rents showed variability across different markets and regions. Most Propertymark members reported that rents either remained static (47%) or increased (41%) during April. Encouragingly, rental arrears decreased, with only about 2% of fully managed and rent collect properties in arrears, indicating improved payment stability among tenants.

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Landlord Knowledge

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First-time buyer mortgage market set to beat predictions and reach record highs in 2024

The first-time buyer market has proven resilient this year, despite historic headwinds, analysis from Yorkshire Building Society has revealed.

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In partnership with business consultancy CACI, the society’s research found that first-time buyers make up a higher proportion of the home purchase market than at any time since the business consultancy began measuring such market statistics in 2016.

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The mutual has seen overall mortgage applications rise by almost a quarter in 2024, despite forecasts from UK Finance that gross lending would be lower in 2024 than it was in 2023.

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Source: The Intermediary

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Housing market to see brief period of decline followed by prolonged period of recovery

A new report predicts a significant upturn in the housing market, pointing to a sustained period of recovery, stabilising interest rates and growing demand for housing.

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The report is by development finance lender Atelier and compiled by Nicole Lux, senior research fellow at London’s Bayes Business School.

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Following analysis of primary data sources, dating back to the start of the ONS house price statistics in 1969, the report examines the long-term historic trends and forecasts a medium-term outlook for the key factors driving the property market, including property values, inflation, interest rates, demand, supply, mortgage rates, unemployment and population growth.

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Source: Financial Reporter

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Housing set to be key battleground for 2024 general election

The UK’s housing market will be a major battleground in the general election – with the main political parties set to outline their plans over the next few weeks, including measure to address the existing crisis.

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The Tories and Labour will be grilled on their plans to support homeowners and renters over the next six weeks with research revealing that housing will be one of the key issues that will help decide the general election.

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Analysis by the market research firm Ipsos shows that British voters are most concerned about the economy, with healthcare, immigration and housing also ranking highly.

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Source: Property Industry Eye

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UK house prices fall unexpectedly for second month in a row

UK house prices have fallen unexpectedly in April for a second consecutive month, according to the building society Nationwide, as interest rate uncertainty and more expensive mortgages put a dampener on the traditional spring homebuying season.

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With some economists saying that two month-to-month falls in the closely watched index “start to look like a trend”, and new fixed mortgage rates continuing to creep up, the data will put further pressure on the Bank of England before next week’s interest rate announcement.

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The average house price in April was £261,962 – down by 0.4% on March, when the lender’s monthly index recorded a 0.2% month-on-month drop.

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Source: The Guardian

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UK Mortgage Approvals Rise for Sixth Month to Highest Since 2022

Britain’s housing-market recovery continued into March as mortgage approvals rose for a sixth month, Bank of England figures show.

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Banks and building societies authorized 61,325 home loans, up from 60,497 in February and the most since September 2022. Economists had expected 61,500. Unsecured credit, including credit card debt, rose £1.6 billion, slightly higher than forecast.

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Buyers are being lured back into the housing market by a brighter economic outlook and increased affordability after a sharp fall in mortgages rates since last summer. However, a recent resurgence in borrowing costs has raised questions over whether the recovery can continue.

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Source: Bloomberg

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Things to watch out for across the UK property market in 2024

The past year has seen the highest mortgage rates on record, influenced by high inflation, the closure of the Help to Buy scheme and increased costs of living, all of which have put the housing market in a unique position.

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Looking to the future, Pete Mugleston, MD and mortgage expert at Online Mortgage Advisor give his thoughts on what the property market might look like throughout the rest of 2024.

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As we head further into 2024 there is a strong indication that mortgage rates will slowly start to go down, which is great news for anyone who has been putting buying a house on hold. Right now, we’re seeing rates for a two-year fixed mortgage at about 5.95% and a five-year fixed at 5.57%, which is lower than before when you consider they were previously at 6.85% and 6.37% respectively.

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Source: Property Reporter

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Housing Market shows sign of improvement despite high rates

UK house prices fell by 0.2% in March. Nevertheless, the annual rate of house price growth edged higher to 1.6% in March, from 1.2% in February.

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The figures come from the Nationwide and the lender’s chief economist – Robert Gardner – says: “Activity has picked up from the weak levels prevailing towards the end of 2023 but remain relatively subdued by historic standards. For example, the number of mortgages approved for house purchase in January was around 15% below pre-pandemic levels.

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“This largely reflects the impact of higher interest rates on affordability. While mortgage rates are below the peaks seen in mid-2023, they remain well above the lows prevailing in the wake of the pandemic”

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Source: Introducer Today