The UK’s residential property market has been characterised by moderate growth and cautious optimism this month, as buyers and sellers navigate a range of economic and regulatory challenges. But with signs of greater stability and increased choice when it comes to mortgage products, the good news is growing!
Whether you’re looking to buy or sell a property – or simply want to keep abreast of the industry’s latest trends and insights – this quick fire round-up from Holmfirth estate agent, Applegate Properties, should help you make more informed decisions.
Notable rise in mortgage product choice
We’ve shared many headlines about positive mortgage updates recently, and are pleased to see the trend of increased choice continue throughout February.
According to the latest Moneyfacts UK Mortgage Trends Treasury Report, product choice stands at 4,341 options – up from 3,643 in January 2023, and the first time the figure has surpassed 4,000 since last August. This is a positive indication of market stability, as well as greater support for buyers, following the decline in product choice surrounding the mini-Budget in September.
Further signs of a more stabilised market
With borrowing costs spiking as a result of the mini-Budget, buyers and sellers both faced significant challenges late last year. While mortgage rates are still higher year on year, it’s excellent to see these figures inching down further this month – a great relief for those who require financial support to complete their purchase.
There’s no denying that appetite for buyers remains strong, but after two years of red hot competition, it’s positive to see a slightly cooler market in this respect – as increased sensibility begins to make for a less stressful house viewing and moving process.
Slaithwaite to welcome new 42-home property development
Named Sunday Times’ Best Place to Live in the North, Slaithwaite is not only one of the most sought after areas within Applegate Properties’ client base – located on the doorstep of our Holmfirth HQ – but across a significant proportion of the UK too.
And local building firm, SB Homes, recently secured approval from Kirklees Council’s Huddersfield sub-planning committee to bolster the number of options on offer for house hunters. As part of the scheme, 42 new properties – ranging from one to five bedrooms – are set to be constructed just off Lingards Road.
EPC ratings influencing landlords’ purchasing decisions
The energy efficiency of a property is now a real factor feeding into landlords’ decision-making. According to the Q4 2022 BVA BDRC Landlord Panel research report, 68% would be less likely to make a purchase a home if the Energy Performance Certificate (EPC) was below level C – proposed as the new minimum for rental tenancies from April 2025.
With higher-rates properties commanding increased value, this should offer some crucial guidance for landlords making investment decisions in the private rental sector, as well looking to let their properties in the future.
That’s all for February! Don’t forget to check back next month, to see which headlines have caught our attention, here at Applegate Properties.