As 2022 draws to a close and we prepare to turn the page on another twelve months, we’re delivering one final round-up of this year’s property news.
Here are the key updates from December…
Mortgage rates expected to decrease
The Bank of England has increased interest rates by 0.5% to 3.5%, as the Monetary Policy Committee (MPC) attempts to bring down soaring inflation.
While this saw the highest level of increase since October 2008, it’s good news for homeowners that the latest update was lower than the 0.75% rise imposed in November’s meeting.
Commentators suggest that the tone of the minutes following the meeting was more ‘dovish’ than previously, and with economists predicting a fall in inflation in mid-2023, there’s hopes of more stability in the market to come.
Rental growth continues
According to Zoopla, rental enquiries per letting agency branch are 46% above the five-year average, as demand continues to be boosted by fluctuating mortgage rates.
To boost quality and choice for renters, and reduce the number of compromises that need to be considered, it is hoped that investment in supply will increase next year.
At Huddersfield and Holmfirth estate agent Applegate Properties, we have a growing portfolio of rental properties in the local area to suit varying styles, budgets, and requirements. If you want to discuss your options, simply get in touch.
Greater mortgage choice available
The number of different deals landlords can choose from now stands at 1,769 – a surge of over 700 since the beginning of October. With 139 new deals launched, according to Moneyfacts, the most significant rise has been for the two-year fixed rate buy-to-let mortgage for people borrowing 25% of their property’s value.
The market’s wider offering comes after the news of the mini-Budget has settled, and is good news for those who need to remortgage – showing that lenders are adjusting their ranges to cater to landlords searching for a new deal.
Our award-winning estate and lettings agent team works closely with an independent mortgage advisor – not only offering our clients greater choice, but also saving costs through continuous market price comparison.
That’s all for December (and for 2023!). Come back in January, for the latest news and views in the property market.