May’s top residential property market headlines


May’s top residential property market headlines

Posted on Friday, May 26, 2023

Much like the glorious weather, things have really been heating up in the property sector throughout May — with competitive 100% mortgage deals making a resurgence, Yorkshire and the Humber giving other regions a run for their money on square footage costs, and demand for rental homes rising.

Here, the Applegate Properties team delves a little deeper behind the most pressing headlines…

100% mortgages set to make a comeback 

Earlier this month, we penned an article detailing Skipton Building Society’s plans to revive the 100% mortgage — which is the first no-deposit deal, that doesn’t require support from a guarantor, to have launched in the UK since 2008. The initiative aims to help first-time buyers who are struggling to save for a deposit, alongside rental costs, step onto the property ladder.

While there has certainly been skepticism in the market following the news, many brokers have since commended the firm for its innovation — including Applegate Properties’ independent mortgage advisor, Samuel Bull. It is hoped that other lenders will take inspiration from Skipton’s scheme, and consider competitive propositions that help bridge the gap between renting and homeownership.

Yorkshire and the Humber boasts competitive price per square foot

It goes without saying that location is a major factor influencing house prices, but recent research from property tech firm TwentyEA highlighted the sheer scale of difference when it comes to difference in costs of square foot regionally — with significant disparities between the North East and London.

Further proving its worth as a competitive place to reside, Yorkshire and the Humber currently sits at a strong position number four on the league table for the lowest average price. With the sixth smallest percentage increase, the region also sits below the average rise of 23.6%, at 21.7%.

As can be expected, inner London came in as the highest average price per square foot, although it did also see the least variation in change. The South West, East Midlands, and Wales all saw an almost 30% increase over the last four years.

Propertymark housing data shows rising demand for rentals

According to a recent Propertymark report, the number of new prospective tenants registering per branch is up 24%, compared with the same period last year — demonstrating the sector’s growing demand.

With properties available to rent at a stubborn low across the board — with a 0% change in the number of rental homes available per member branched year-on-year a far cry from the 70% increase in those for sale — the mismatch between supply and demand must be addressed in order to meet the needs of the UK population.

At Applegate Properties, our landlord portfolio is constantly growing, and we’re always welcoming new properties to rent in Holmfirth and surrounding areas onto the market. If you want to discuss your requirements with our specialist team of lettings agents, please don’t hesitate to get in touch or visit our branch at 78 Huddersfield Road, HD9 3AZ

That’s all for this month! If you’re keen to see what’s new in June, don’t forget to check back in just a few weeks’ time. To catch Applegate Properties’ insights as they unfold, don’t forget to follow us on Instagram, LinkedIn, Twitter, and Facebook.

property news, property industry, property market, residential property, 100% mortgage, mortgages, first time buyer, rental sector, renting, lettings agent, estate agent, Holmfirth estate agent, Yorkshire property

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