Welcome to our industry news round-up, where we bring you the latest updates and trends from the real estate market. Stay informed and gain valuable insights into the ever-evolving world of property, as we cover key developments, market shifts, and expert perspectives from June.
Let's dive into the exciting happenings shaping the industry right now…
New Government measures to support residential mortgage holders
At a time when mortgage and interest rates continue to climb, the news of a new Mortgage Charter — agreed between the UK Government, principal mortgage lenders, and the FCA — was a welcomed update when it was announced by Chancellor Jeremy Hunt MP this month. As well as increased flexibility for customers approaching the end of a fixed-rate mortgage deal, three key elements of the new Charter include:
Anyone can talk to their bank or mortgage lender for information and support, and this will have no impact on their credit score.
People can choose to swap to an interest-only mortgage or extend their mortgage term, with the option to switch back to their original mortgage deal within six months ‘no questions asked’ and with no change to their credit score.
Customers won’t be forced to have their homes repossessed within 12 months of their first missed payment.
Further details on these commitments are unclear at this early stage, but our independent mortgage advisor Samuel Bull can help to answer any current questions you may have.
Nationwide House Price Index reveals 3.5% year-on-year reduction
According to Nationwide’s latest House Price Index, house prices have fallen 3.5% when compared with the same period last year, while remaining relatively steady month-on-month, edging up 0.1% in June. With buyers’ concerns over affordability growing in light of rising interest rates, this could offer a vote of confidence, albeit small, that the market offerings are still within reach, and therefore prevent further stalls to sales.
We’d encourage anyone in Holmfirth and surrounding areas who is considering buying or selling to get in touch with our industry experts, to discuss your unique requirements and understand more about the opportunities currently available.
How the power of AI is being unleashed in the property industry
Artificial Intelligence (AI) has been making waves in a whole host of sectors recently. From streamlining operational processes and automating repetitive tasks like property valuation, lease management, and property maintenance, to revolutionising customer interactions, the applications of this state-of-the-art technology is set to give the housing market the same competitive advantage too.
Despite popular belief, these technologies are not here to replace human ingenuity though. Instead, they will work in tandem with existing estate and lettings agents to free up valuable time for them to focus on more value-added and revenue-generating activities. Able to analyse vast amounts of data, machine learning algorithms can also help property professionals make more informed decisions and reduce risks across the value chain, with helpful insights into market trends, pricing patterns, and investment opportunities too.
Property Industry Eye recently shared an astute article on this topic, if you want to explore further.
Barbie’s Malibu DreamHouse represents property (and marketing) at its finest
In a fascinating real-life manifestation of the iconic Barbie DreamHouse, a life-sized version has been constructed in Malibu. The three-story mansion — complete with pink accents, infinity pool, and breathtaking views — offers Airbnb visitors an immersive exploration of Barbie's world. This whimsical property showcases the evolution of the beloved doll's brand, reflecting her iconic style and aspirational lifestyle, and is part of the wider marketing efforts for the upcoming Warner Bros film.
However, while the Malibu DreamHouse captures the imagination, it's important to remember that dream real estate exists beyond the realm of fantasy. Nestled amid scenic landscapes and charming countryside, Holmfirth offers real-life dream homes year-round that embody tranquillity, elegance, and the possibility of creating cherished memories that last a lifetime. From historic cottages to modern architectural marvels, the real estate offerings in Holmfirth and surrounding areas offer a slice of dream living or provide the perfect weekend getaway destination, whatever you’re seeking.
That’s all for June! Get in touch, to learn more about the properties currently available to buy or let.