UK house prices fell further in September, edging down by -0.4% on a monthly basis.
Since the Bank of England base rate started making large jumps around the middle of last year, mortgage rates have increased significantly from the historic lows that borrowers had enjoyed since early 2015, when the average two-year fixed rate dropped below 2% and the average five-year fixed went sub-3%.
This was not anticipated by the markets, even in the minutes ticking up to the announcement, so this paved the way for mortgage rates to come down even further.
Landlords in England & Wales have seen their rental portfolio income increase by 8.7% in the past year.
The continued rise in rental prices comes at a time when there has been a record increase in mortgage interest rates.
Working patterns were changing before we had ever heard of Covid-19. Flexible workspaces were already on the rise, while more and more employers were embracing flexible working to attract and retain the best talent. But the pandemic undoubtedly kicked this trend into overdrive.
The UK housing market has witnessed an improvement in affordability for young buyers due to rising wages, partially leading to a decrease in property prices.
As a result of changes in approaches to development today, new communities have the potential to be attractive, primarily ‘green’ spaces which significantly boost both the aesthetic and biodiverse qualities of the land.
As we hit summer next year, expect electoral promises around increasing housing supply and reintroducing schemes designed to kick start the housing market by enabling first time buyers access to the market, in return for your vote.
