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Nov 20, 2023
What’s happened in the housing market this month?
With a lot of talk about interest and mortgage rates in the news, it can be very confusing trying to navigate what the current property market is doing. So we wanted to share with you an article from Rightmove, in order to gauge a better understanding, visit the link below to see what they have to say about what the current market is doing and the trends that they are able to identify. https://www.rightmove.co.uk/news/articles/property-news/housing-market-whats-happened-nov23/ Please take a look at November's Mid-Monthly News Vlog by visiting our YouTube, social media or the Community section of our website to hear an update on the market from Jeremy Swan.
Nov 13, 2023
Heat pump grant rises to £7,500
In September 2023, the government announced additional help for home-owners looking to switch to a low-carbon heating system, confirming that heat pump grants in England and Wales would rise to £7,500 from, 23 October. In Scotland, home-owners were already able to claim up to £7,500 towards a installing a heat pump. The Boiler Upgrade Scheme has been running since 2022, and home-owners installing heat pumps were able to claim £5,000 towards the cost of an air source heat pump, and £6,000 towards the cost of a ground source heat pump. However, the grant amount has now increased to £7,500, which can be claimed against either an air source or a ground source heat pump. You can read more about heat pumps here, and also find out the difference between air source and ground source versions. To read how to claim, a beginners' guide to heat pumps and the rest of this article from Rightmove visit: https://www.rightmove.co.uk/news/articles/property-news/boiler-upgrade-scheme-heat-pump-update/
Nov 6, 2023
Interest rates held at 5.25%
The Bank of England (BoE) has announced it will hold the Base Rate at 5.25% again this month. This follows the same decision in September, when the Base Rate was held for the first time since 2021, after 14 consecutive rises. The Bank had been raising interest rates to tackle high levels of inflation. The Government sets the Bank a target of 2% inflation, but it’s currently much higher, at 6.7%. The Bank is working towards reducing inflation to 5% by the end of the year. But the right balance needs to be struck between lowering inflation and keeping the wider economy healthy. Today’s announcement shows the Bank’s belief that its plan to tackle high inflation is working. And that continuing to raise rates may have a negative knock-on effect to households’ and businesses’ finances, further down the line. Read the rest of this article from Rightmove by visiting the following link: https://www.rightmove.co.uk/news/articles/property-news/interest-rates-update/
Oct 30, 2023
Housing Insight Report: September 2023
More concerningly, the vast majority of properties continue to sell below asking price pointing to a pricing correction despite average house prices continuing to rise. Governments across the UK continue to tinker with legislation and legislative programs, disincentivising landlords along the way. Supply in the PRS remains tight with far more applicant registrations than properties available. To download the full report and read or more details, please see the following article from Propertymark: https://www.propertymark.co.uk/resource/housing-insight-report-september-2023.html
Oct 23, 2023
Abolition of Section 21 to take place after substantial court reforms occur
With the Renters (Reform) Bill receiving its Second Reading in the House of Commons today, 23 October 2023, the UK Government has responded to recommendations made by the Levelling Up, Housing and Communities Committee (LUHCC), promising to align the removal of Section 21 with court improvements, protect the right of landlords to set rents in line with the market, and ensure the student market is protected with a new ground to guarantee landlords can gain possession each year. For more details please read the following article from Propertymark: https://www.propertymark.co.uk/resource/abolition-of-section-21-to-take-place-after-substantial-court-reforms-occur.html
Oct 16, 2023
What are the 10 most in-demand features for buyers and renters?
An interesting report from Rightmove, looking at data from 600,000 property listings and identifying the top 10 in-demand features for buyers and renters. A very useful study if you're a seller or landlord looking at listing your property. To read the full article on Rightmove visit: https://www.rightmove.co.uk/news/articles/property-news/10-most-in-demand-features-buyers-renters/
Oct 9, 2023
Leaseholders to benefit from new insurance rights and protections...
In addition, the Department for Levelling Up, Housing and Communities (DLUHC) has stated it will act to ban the payment or sharing of insurance commissions with property managing agents, landlords and freeholders. Since the Grenfell tragedy in 2017 insurance costs for leasehold properties – particularly in mid and high-rise buildings – have soared. Whilst this has largely been driven by properties with flammable cladding and other material fire safety risks, an FCA investigation revealed wider issues in the insurance market that have led to poor outcomes for leaseholders who ultimately bear the cost of the insurance cover. For more details please visit: https://www.propertymark.co.uk/resource/leaseholders-to-benefit-from-new-insurance-rights-and-protections.html
Oct 2, 2023
What the Energy Price Cap change means for energy bills...
The Energy Price Cap is the maximum amount energy suppliers can charge you for each unit of energy you use. It’s updated every three months by energy regulator Ofgem, to make sure that prices reflect changes in underlying energy costs as well as inflation. The cap was reduced from July to September, limiting the average bill for a typical household using gas and electricity (and paying by direct debit) to £2,074 year, or about £173 a month. Wholesale energy prices have now fallen further, so Ofgem has announced another drop from October to December, reducing the cap by around 7% to £1,923 a year, or about £160 a month. For more details visit: https://www.rightmove.co.uk/news/articles/property-news/energy-price-cap-change-oct-2023/