Weekly Property News Round Up – 15.06.24

Welcome to this week’s edition of our Property News Roundup! We’re here to bring you the most current and insightful updates in the property market. In this issue, we delve into Savills’ June 2024 UK Housing Market Update, highlighting a modest growth in house prices despite high borrowing costs and stable mortgage rates.

We’ll also explore strategies for first-time buyers to navigate the tough property market, amid rising affordability challenges and shifting demographics. Finally, we examine the latest property market predictions, discussing the potential for further house price declines and the impact of economic uncertainty and inflation on mortgage rates.


If you are interested in taking a look at our top 3 picks for buyers in the UK right now, reply to this email today and we will send you everything you’ll need to know – and more!


Now, let’s have a look at the latest headlines that have caught our eye this week…
Ep 81: Why You Should Be Looking To Invest In Liverpool
 
The latest episode of the Pure Property Podcast is out now. You can listen to it on Apple Podcasts and all other major platforms.

We would really appreciate it if you could subscribe and leave feedback for our Podcast on Apple.

Property News This Week

House prices grew by 0.4% in May, taking annual growth to 1.3%, according to Nationwide. This return to monthly growth, following two months of price falls, suggests the market has been resilient in spite of the ongoing high cost of borrowing. 
 
Whilst price growth will remain muted until there are additional mortgage rate cuts. Mortgage interest rates have been relatively unchanged in recent weeks in spite of a slight increase to swap rates. This stability has given some reassurance to buyers, but lower rates will be necessary to bring more demand back to the market.
 
Finally, Lower mortgage rates are dependent on base rate cuts. Inflation data for April was higher than many economists expected, at 2.3% according to the ONS. This has delayed expectations of the first base rate cut by the Bank of England (BoE). Oxford Economics now expect this to come in August, rather than June, with just one additional cut in 2024.  

How Can First-Time Buyers Get Ahead In The Tough Property Market
The affordability squeeze on potential first-time buyers appears to be dampening some people’s hopes of ever getting onto the property ladder.
 
A recent survey for Barclays found that less than a quarter (22%) of 18 to 34-year-olds believe that home ownership is a realistic goal. Meanwhile, according to Santander’s customer data from the first quarter of 2024, a fifth of people taking their first step on the property ladder are aged over 40.

Will UK House Prices Fall? Latest Property Market Predictions Explained
UK house prices have been on something of a journey over the past two years. After hitting a record high in August 2022, they plummeted in the wake of Liz Truss’s disastrous mini-Budget. Prospective buyers abandoned the housing market as interest rates on mortgages shot up, competition between lenders temporarily collapsed, and the value of cash deposits was eroded by record inflation
 
Mortgage rates soared again in mid-2023 and recently crept up once more as markets have continued to question the UK’s ability to bring inflation down. There was also uncertainty about when the Bank of England would halt its cycle of Base Rate hikes – a key factor in setting mortgage rates.

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!

Popular Posts

Dubai Weekly Property News Round Up – 13.07.24

Date: July 16, 2024

Weekly Property News Round Up – 13.07.24

Date: July 16, 2024

Dubai Weekly Property News Round Up – 07.07.24

Date: July 8, 2024

Weekly Property News Round Up – 07.07.24

Date: July 8, 2024

Dubai Weekly Property News Round Up – 30.06.24

Date: July 8, 2024

Weekly Property News Round Up – 30.06.24

Date: July 8, 2024

Dubai Weekly Property News Round Up – 22.06.24

Date: July 8, 2024

Weekly Property News Round Up – 22.06.24

Date: July 8, 2024

Dubai Weekly Property News Round Up – 15.06.24

Date: July 8, 2024

Weekly Property News Round Up – 15.06.24

Date: July 8, 2024

Labour’s Victory in the 2024 UK Elections: Implications for the Property Investment Market

Date: July 5, 2024

Dubai Weekly Property News Round Up – 08.06.24

Date: June 11, 2024

Weekly Property News Round Up – 08.06.24

Date: June 11, 2024

Dubai Weekly Property News Round Up – 01.06.24

Date: June 11, 2024

Weekly Property News Round Up – 01.06.24

Date: June 11, 2024

The 5 Best Areas For Student Property Investment In Leeds

Date: June 11, 2024

19 Property Investment Tips For Beginners

Date: June 11, 2024

Dubai Weekly Property News Round Up – 25.05.24

Date: May 29, 2024

Weekly Property News Round Up – 25.05.24

Date: May 29, 2024

The Impact of Major Events on Property Demand

Date: May 22, 2024

calculating roi

How To Calculate Buy-To-Let ROI

Date: May 21, 2024

best student areas in nottingham

The Best Areas For Student Property Investment In Nottingham

Date: April 24, 2024

blog post banner graphic

The Best Areas For Student Property Investment In Liverpool

Date: April 5, 2024

off plan property dubai blog graphic

Off-Plan Property Dubai: An Investor’s Pocket Guide

Date: April 5, 2024

best area for student property manchester graphic

The Best Areas For Student Property Investment In Manchester

Date: February 23, 2024

best buy to let areas in bolton graphic

The Best Buy-To-Let Areas In Bolton

Date: February 13, 2024

best buy to let areas in burnley graphic

The Best Buy-To-Let Areas In Burnley

Date: February 13, 2024

The Best Buy-To-Let Areas In Preston

Date: November 28, 2023

The Best Buy-To-Let Areas In Sunderland

Date: November 28, 2023

The Best Buy-To-Let Areas In Brighton And Hove

Date: November 28, 2023

Recent Posts

Dubai Weekly Property News Round Up – 13.07.24

Date: July 16, 2024

Weekly Property News Round Up – 13.07.24

Date: July 16, 2024

Get in touch with us by clicking below and submitting an enquiry.

if you have any questions or would like to inquire about our services, please click on the “Contact Us” button below to be redirected to our contact page. Our team is dedicated to providing exceptional customer service and will do their best to assist you with any inquiries you may have.