October's property market news


October's property market news

Posted on Tuesday, October 31, 2023

Despite ongoing headwinds in the property market, mortgage rates have started to creep down which is a big positive for homemovers. Read on to find out the latest property news and more.

Mortgage Rates Fall Below 6%

In welcome news for buyers and homeowners whose mortgages are due for renewal, the average rate on a fixed-term mortgage has dropped below 6% for the first time since July. The rate is expected to stay at 5.25% on November 2nd.

The fall comes after the Bank of England froze the base interest rate in late September, which ended a run of 14 straight increases and has given lenders the confidence to lower their rates in turn.

While the news will be very welcome to borrowers, anyone with a mortgage due for renewal in the next few months is still likely to face an increase to their monthly repayments of several hundred pounds. However, most financial experts are predicting that the UK base rate may have reached its peak, which should lead to mortgage rates continuing to fall next year.

Rental Prices Continue To Rise

The Office for National Statistics (ONS) has recorded the biggest annual increase since its records began eight years ago. ONS statisticians recorded a 5.5% rise in rents paid by tenants in the year up to August. That’s the largest increase since the statistics body started tracking rents in 2016.

Rightmove have indicated that as a result of this, letting agents are now receiving an average of 25 email and phone enquiries from prospective tenants for every home available to rent. This has risen from eight enquiries per property in 2019, and five more than in May of this year.

The 10 Most In-Demand Features for Buyers and Renters Revealed

A study by property website, Rightmove, has revealed what matters most to buyers and renters looking for their next property, and the findings make for fascinating reading. 

Number one for buyers is a fixer-upper, and with the price tag being £29,000 lower than the national average asking price, it’s perhaps no surprise that buyers are looking for bargains they can do up themselves, especially given how high mortgage rates are currently.

As for renters, unsurprisingly, fixer-uppers aren’t top of their priority list. When it comes to their top must-have, double glazing is the number one priority. And in a sign of the times when it comes to high energy costs, a smart heating system, a new boiler and a property that’s energy efficient were all in the top 10.

As for buyers, a new boiler and double glazing were also in their top 10, but in a sign that they’re more likely to stay put for longer than renters, storage space and a garden were also in their top 10 must-haves.

For more local property market news and updates and a more detailed overview of the Holmfirth area, get in touch with Applegate Properties. We are your local property experts. Call us on 01484 682999 or email info@applegateproperties.co.uk.

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