The UK property market is evolving, impacting homeowners, landlords, buyers, and tenants alike. With interest rates fluctuating and rental demand rising, staying informed is crucial for making informed decisions.
Bank of England Update: On March 20th, the Bank of England’s MPC kept the base rate unchanged at 4.50%.
House Prices: In February, UK house prices dipped slightly by 0.1%, averaging £298,602, marking the weakest month for the market since late 2023.
Mortgage Rates: As of March 1st, the average two-year fixed mortgage rate is 4.87%, and the five-year rate is 4.69%, showing a decrease amid concerns about inflation.
Rental Market: Rents continue to rise, with private rental prices increasing by 8.7% from 12 months to January 2025. Tenant demand remains high, making it a substantial market for landlords.
Insights for Buyers and Sellers:
Selling: With the traditional spring surge, it can be a great time to sell.
The upcoming spring surge can boost visibility, set a competitive price, and present your property well.
Buying: Secure a mortgage agreement in principle to strengthen your offers and focus on energy-efficient homes.
Looking Ahead: The direction of the property market will depend on economic policies, interest rate decisions, and regional dynamics.
Need expert guidance? At Properly, we offer tailored advice to meet your unique needs.
Contact us at 0207 459 4400 or email [email protected] to discuss your property needs.
