Weekly Property News Round Up – 31.08.24

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

This week, we take a closer look at property listings since the Bank of England cut interest rates. We learn how Labour are trying to increase the number of new homes being built in the UK after an all time low. Finally, one of the UK’s largest mortgage providers providing more help to first time buyers.

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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:

Borrowing Limit Raised for First Time Buyers

Britain’s biggest mortgage provider is increasing the maximum sums it is willing to lend first-time buyers in a £2bn move that experts say will bring home ownership within the reach of more people but could further increase house prices.

Lloyds Banking Group’s decision to let people borrow more means those who meet the criteria may be able to buy a property they might have assumed was well out of their price range.

Brokers said the decision, which could be viewed as the latest salvo in a home loans price war, may cause other lenders to follow suit. However, it may also prompt concern about the risks of stretching affordability criteria for would-be home owners.

Number of New Homes Being Built Drops

New home building fell sharply in the UK last year, according to official data, underscoring the huge challenge facing the new Labour government to meet its goal of building 1.5mn new homes over five years.

The number of new homes completed in the year to March fell by 13 per cent to 183,610, similar to the number built during the first year of the Covid-19 lockdown, according to the Office for National Statistics. Housing starts fell more sharply, by roughly a fifth to 162,340 — the lowest since 2014 — suggesting that the supply of new housing will continue to decline.

23% Increase in Property Listings

The number of home sellers entering the market increased by almost a quarter in the two weeks following the Bank of England’s decision to cut interest rates, research suggests. GetAgent analysed listings data on the level of for sale stock listed across Britain – excluding stock listed as sold subject to contract- as well as in 15 major cities.

The figures show that in the two weeks following the Bank of England’s decision to cut rates, some 496,291 homes were listed for sale across Britain.

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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Weekly Property News Round Up – 31.08.24

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