Weekly Property News Round Up – 22.06.24

Welcome to this week’s edition of our Property News Roundup!
 
The Bank of England holds its main interest rate at 5.25%, affecting mortgage payers and housing affordability. UK house prices rise for the second consecutive month, showing market recovery. Inflation drops to 2% in May, the lowest in three years, but rate cuts remain unlikely. Keep reading to learn more!

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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

The Bank of England has held its main interest rate at 5.25%, spelling bad news for millions of mortgage payers and those hoping for some respite from high rates. Housing affordability has been a key issue in the run up to the election and all of the main parties have made various pledges on housebuilding and planning.

UK House Prices Increase as Recovery Gathers Pace
UK house prices increased for their second consecutive month in April, latest official figures show, as the housing market continues to show signs of recovery as the economy improves. The average UK house price increased by 1.1 per cent in the 12 months to April, according to a provisional estimate from the Office for National Statistics (ONS). This figure accelerated from 0.9% annual growth in the year to March and marked the second month in a row with an annual increase, after eight straight months of declines.

UK inflation fell to 2% in the year to May but chances that the Bank of England will reduce interest rates when it continues its meeting tomorrow remain extremely low. The Office for National Statistics (ONS) said price pressures eased between April and May. The fall in inflation, from 2.3% in April, is the first time it has fallen back to the Bank’s target for the first time in nearly three years.

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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