Weekly Property News Round Up – 07.12.24

Welcome to this week’s edition of Property News Weekly, where we bring you the latest updates shaping the property landscape.

This week in property news, a second interest rate cut by the Bank of England signals positive momentum for buyers and those remortgaging. Meanwhile, UK house prices hit a record high in November, with improving mortgage demand fuelling growth. And as the festive season approaches, experts are predicting a whirlwind January for the property market, thanks to a trio of influential factors. Read on to uncover the details behind these market-shaping trends.

If you would like to speak to our experts for some industry insight on these important questions and discover the strategic opportunities this evolving market has to offer, reply to this article today.

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 Have Cut Interest Rates

The Bank of England has cut interest rates for the second time this year, initially falling to 5% in August and now sitting at 4.75%. This is great news for both buyers and those remortgaging as it demonstrates the market cogs are turning in the right direction and we expect mortgage rates will drop in turn.

UK House Prices Hit Record High in November

UK house prices rose for the fifth month in a row in November to hit a new record high of £298,083, according to Halifax. Property values rose by 1.3% month on month, but on an annual basis house prices increased by 4.8% in November, accelerating from 4% growth in October. The price surge is being driven by improving mortgage demand, as recent reductions in interest rates bolster buyer confidence. However, affordability remains a challenge for many potential buyers, according to one of the country’s biggest mortgage lenders.

A Busy January Expected in the Property Market

As we head into Christmas, property professionals are already getting ready for one of the busiest Januarys in recent years – because a combination of three factors have come together to ensure that the first weeks of 2025 will prove to be something of a whirlwind. The first of these is news from Nationwide this week that house prices actually rose in November, with an annual growth rate of 3.7pc, the fastest increase for two 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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Looking for more property investment advice?

Get in touch with our friendly team today to discuss your situation and start laying out a plan to secure maximum return on investment. Feel free to contact us using the form below.

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