The first half of the year has raced by and the UK property market is continuing to show the resilience it is renowned for.
Investment into the UK has been a high priority this year for investors from the Far East. Middle East investors have also been hugely active with purchases being made by both UK expatriates and foreign nationals.
Some latest facts and figures for you below alongside a construction update of one of our most popular developments of 2024.
The UK property market seems to be on the upswing in July 2024, with some experts predicting house price growth in the coming years. Here's a quick rundown:
- Market recovery: After a period of uncertainty, the first half of 2024 appears positive. House prices have seen a small increase, and sale volumes are recovering.
- Growth forecasts: Experts like Savills predict an average house price growth of 2.5% across the UK, with even higher growth expected in the next five years (up to 21.6%).
- Factors for growth: This growth is attributed to factors like a stronger economy, rising wages, and low housing supply in certain areas.
Up-and-Coming Areas:
- Nottingham: This city's economy is diversifying, especially in tech, attracting young professionals and boosting the buy-to-let market.
- Sheffield: With a large student population and forecasted strong capital growth, Sheffield presents an interesting opportunity for rental income and future property value increase.
- Coastal Towns: Locations like Brighton, Margate, Bournemouth, and Folkestone offer a potential for growth in the leisure and tourism sectors, with seaside properties attracting renters.
UK mortgage rate update June 2024:
UK mortgage rates in July 2024 are showing some variation depending on the type of mortgage and your loan-to-value (LTV) ratio. Here's a summary:
- Average Rates:
- Two-year fixed-rate: 5.21% (best rate: 4.68%)
- Three-year fixed-rate: 4.80% (best rate: 4.48%)
- Five-year fixed-rate: 4.76% (best rate: 4.19%)
- Tracker Rates: 5.73% (best rate: 5.39%)
- Rates Might Fluctuate Based on LTV: For instance, a first-time buyer with a 5% deposit (high LTV) might see a higher rate on a two-year fixed deal compared to someone with a 15% deposit (lower LTV).
Additional Points to Consider:
- Base Rate Cuts: The Bank of England might cut the base rate in the coming months, potentially leading to lower mortgage rates overall.
- Seek proper advice: Don't settle for the first rate you see. Compare deals from different lenders to find the best option for your situation. Speak to us and we can assist you with accessing the whole of the market.
Cooper Gate - Birmingham - construction update June 2024
Great to see Cooper Gate in Longbridge progressing well with completion set for early 2025. Investors who have taken advantage of the 20% lower prices available have been delighted with the updates provided by the developer.
It's still not too late to get involved with some prime units still remaining. A truly exciting opportunity and only 15% required to reserve and exchange contracts. Balance payable at completion in 2025 and we can assist with the mortgage for you.
Please get in touch to discuss any of the above or anything UK property and mortgage related.
