Weekly Property News Round Up – 27.07.24

Welcome to this week’s edition of our Property News Roundup, where we bring you the latest insights and trends shaping the real estate landscape.

This week in property news, economists at Nomura project that delivering 1.5 million new homes by the end of this parliamentary term could boost Britain’s GDP by up to 0.8%. Nationwide has introduced a 5-year mortgage deal with an interest rate below 4%, signalling renewed optimism in the housing market. Meanwhile, fewer than 40% of homes in England will be exempt from stamp duty for first-time buyers when current thresholds revert in April 2025, highlighting ongoing challenges in housing affordability.

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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

Britain’s economic growth rate could get a sizeable boost if Prime Minister Keir Starmer is successful in delivering 1.5 million new homes in this parliamentary term, according to economists at Nomura. The bank’s Chief UK Economist George Buckley said delivering 300,000 homes per year could lift the level of gross domestic product by as much as 0.8%.

Mortgage Rates Go Below 4%
Nationwide has become the first large lender in months to offer a 5-year mortgage deal at an interest rate below 4 per cent, as lower borrowing costs breathe optimism into the housing market. The building society said that from Wednesday it would cut the interest rate on a range of loans. Its five-year fixed rate for borrowers with at least a 40 per cent deposit will fall by 0.19 percentage points to 3.99 per cent.

Changes to First Time Buyer Stamp Duty 
Fewer than four in 10 (37%) homes for sale in England will be free from stamp duty for first-time buyers when existing thresholds revert from April 2025, analysis by a property website indicates. The nil-rate threshold for first-time buyers was temporarily increased from £300,000 to £425,000 in 2022 and it only applies to purchases made up to March 31 2025.

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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