With such a relentless information for prospective buyers and fellow industry peers to digest, it can be difficult to keep pace with the must-know insights.
That’s why we’ve compiled a list of the most pressing headlines from this month, exploring the key news and views, so you don’t have to.
Mortgage rates expected to rise
With inflation soaring into double-digit territory in July, at a 40-year high of 10.1%, it comes as no surprise that mortgage rates are set to increase in tandem.
While this is unwelcome news to say the least, homeowners who are coming to the end of their mortgage deal still have a couple of weeks left to secure a new term before the interest rate setting meeting takes place mid-September.
Contact our Holmfirth estate agent team on 01484 682 999 to arrange your no obligation financial review.
Competition grows in the rental sector
Data supplied by property market consultant Dataloft revealed that four in 10 under 30s are spending more than 30% of their income on rent, amid rapidly rising living and rental costs. This, coupled with the imbalance between the number of tenants and available rental properties across the UK, continues to cause concern.
Yet, not all hope is lost, as the Applegate Properties Holmfirth letting agent department confirms rental properties in Holmfirth and Huddersfield are still in very high demand.
Plus, there are many ways for renters to boost their chances of acceptance and steal a march on competition – including having solid references and being flexible in relation to factors such as notice periods and furnishing requirements.
Plus, with the rise of Built to Rent (BTR) schemes – including an £85m initiative in Leeds – it appears good progress is being made to tackle the imbalance.
House prices fall for the first time in 2022 – but don’t panic!
With seasonal price drops as homeowners delay their moving plans until after the summer holidays, it’s a good time for house hunters to find the perfect property, at the right cost. According to Right Move, the average asking price of a home in the UK fell by almost £5,000 to £365,173 – a drop of 1.3%, which is on par with the year-on-year average.
Ultimately, the price decrease also happened in August 2021 and is as to be expected. Our Holmfirth and Huddersfield estate agent team still feedback that demand overall remains strong.
Prices are expected to continue to follow their typical seasonal pattern, and the autumn months are traditionally a busy period for the housing market. That’s why those who are sitting on the fence over a sale, might be better striking the best deal while they can.
Contact our estate agent team in Holmfirth for your no obligation property appraisal, on 01484 682 999.
Government agrees £540m Yorkshire devolution deal
While sizeable parts of Yorkshire offer great potential, the region equally faces challenges which constrain productivity levels and the ability to grow – including poor rural digital connectivity, reduced transport connectivity, and high house prices.
Our estate agent team in Holmfirth does remain clear that, despite motorway and train links not being the most accessible in HD9 and surrounding areas, Holmfirth’s beauty, excellent schools, and boutique businesses override contstraints.
Levelling up secretary Greg Clark is set to sign a devolution deal, which will create a new combined authority across the region with a directly elected mayor – which will see greater local powers available to help tackle these challenges and harness the significant economic opportunity for the benefit of residents and the whole of the UK.
The mayor will have powers to invest in transport, housing, and education, and will be handed £540m by the government over the next 30 years.
That’s all for August! Don’t forget to check in next month, for the latest developments to planning and policy, as well as the latest trends disrupting the market.
If you’d like to discuss anything further detailed in this article, please get in touch.