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Now, let’s take a look at all the headlines that caught our attention this week. I always try to summarise the links to save you from having to click through.
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Property News This Week
- Agency Claims Industry Regulation Changes Won’t Be So Bad – Property experts Leaders Romans Group have given their view that rental reforms that have been concerning UK landlords are unlikely to be as difficult as previously imagined. In addition to that, the leading lettings agency has said that better yields afforded by improving mortgage products and a more stable market will likely see fewer landlords exiting the sector in the year ahead. Renters are expected to struggle though, as the UK continues to be caught in the grip of the supply-demand crisis.
- Will Mortgage Rates Continue to Fall Despite Interest Rate Rises? – With growth skyrocketing over the past two and a half years and nine interest rate hikes since 2021, it was inevitable that the market would slow down at some point. In the past four months, UK house prices have finally started to drop as fewer people are being approved for mortgages. In addition to this, the cost of living rise and the energy crisis have led to fewer mortgage applicants. Most experts agree that despite this, mortgage interest levels are likely to fall, giving some hope to scores of potential homeowners who are waiting for the right conditions to buy.
- Mortgage Lenders Update Policies in Wake of New Cladding Rules – UK Finance has confirmed that six of the UK’s biggest banks have updated their policies after the RICS published new guidance last month to help valuers assess flats in blocks with cladding. As a representative for these banks, UK Finance has stated that the improved policies will allow leaseholders and prospective buyers increased clarity on the safety issues to be considered when purchasing a home. The government is expected to support this move with remediation on mortgages offered in blocks over 11 metres that have such safety issues under review.
- House Prices Fell in Just Four Years Over the Past Half-Century – After analysing historic UK house price data from the Land Registry, easyMoney has found that out of the past five decades, 46 years have registered positive house price growth. The heftiest decline came as a result of the financial crisis in 2007-2008, which saw a 13.4% reduction in just one year. Seen in this long-term perspective though, it is clear that real estate reigns supreme over the various investment options to choose from. It appears that only the worst of economic conditions can keep the UK market from its upward momentum.