June is almost over, and July is on the horizon. Here are all the important property news headlines you may have missed this month. From upcoming changes to fire safety, the impact on mortgages, and the resilience of the commercial sector, here’s the property market in review:
Rightmove and Zoopla have unveiled their latest market reports – here are the most significant take aways from their research:
Rightmove released the June House Price Index, which showed:
But how has the rental market fared? Zoopla’s June Rental Market Report showed:
Ultimately, when you examine the data across the sales and lettings market, there is little need for concern. Be wary of fearmongering and talk to your local property agent for a more detailed understanding of the market near you.
A hot topic in property news this June has been the increase in mortgage rates. The average mortgage rate rose to 6.07% for a two-year fixed, and 5.72% for five years, which is something the government is struggling to tackle. Chancellor Jeremy Hunt has ruled out issuing support measures to those with mortgages, claiming that the cash injection required would cause further inflation.
However, there are some rays of hope. There are still over 5,000 mortgage deals available on the market, with two thirds of these being fixed-rate. There is also an abundance of mortgage options available for those with small deposits. So, despite the decrease in mortgage options, there are still ample opportunities to find the best mortgage deal for you.
Similarly, Nicky Burridge at Zoopla stated that the mortgage market could improve sooner that we think, stating:
“If the next set of inflation figures are more positive, markets may decide interest rates do not need to increase by as much as they previously thought, and mortgage rates could start to come down.”
Over the past month, you may have seen an increase in fire safety and cladding related content as the industry prepares for a slew of significant changes. June marked the 6-year anniversary of the Grenfell disaster which became a catalyst for widespread change to fire regulations. Here are the main headlines you need to know:
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We’ve covered changes across the residential property market, but how does the commercial sector fare this June?
According to Deloitte’s survey of Chief Financial Officers, 82% of CFO’s believe that their company’s financial prospects for the following year will remain stable or improve. This is a positive indicator for the commercial property sector as this suggests that businesses will continue to grow and create increased demand for office, retail and warehouse units. This is welcome news considering the mixed signals across real estate as a whole. There is a mixture of capital decline and strong occupier markets which Simon Durkin, Head of European Research and Strategy at BlackRock Real Assets, says will impact occupier markets at some stage, but most likely after the impact on the real economy. As such, this gives commercial real estate investors and occupiers ample time to make the right decision for their business.
Every month, we bring you the latest property news hot off the press so that you don’t have to scroll through the seemingly endless onslaught of available articles. We’re dedicated to providing balanced advice and valuable perspectives to our client base, allowing you to make the best possible choice for your future. For more information on the property market, explore our News and Insights page, or fill out the form below.
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