Weekly Property News Round Up – 12.10.24

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

This week, I highlight the introduction of planning passports, a new initiative announced by the prime minister to accelerate apartment construction in towns and cities. Additionally, experts warn that recent declines in mortgage rates may soon reverse, impacting the housing market. Furthermore, the recent base rate cut by the Bank of England has generated renewed interest in property purchases, although remortgaging activity remains limited.

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:

Introduction of Planning Passports

A radical scheme to speed up the building of more apartment blocks in towns and cities – as opposed to individual houses and bungalows – has been announced by the prime minister on the eve of the Labour party conference. Keir Starmer told the Observer in an exclusive interview that the new system of “planning passports” would be a “game-changer” as the government strives to build 1.5m new homes within five years.

New Rise in Mortgage Rates

Falls in mortgage rates could come to an abrupt halt, according to brokers, with expectations that home loan costs may rise in the coming days. Lenders have been locked in intense competition for borrowers in recent weeks, which has led to consistent falls in the interest rates charged on new fixed mortgage deals. This has led to more activity among buyers and sellers in the UK housing market.

Base Rate Cut Revives Property Market

Intermediaries have seen a revival in interest in the housing market accompanied by an increase in house purchase mortgage applications since the Bank of England cut Bank Rate, according to a survey from the Family Building Society. But there has been less of a rise in the number of homeowners seeking to remortgage while most borrowers are applying for 5-year fixed rate mortgages.

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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