Nicole Bremner

EP151: January 2024 has started well in terms of confidence returning to the UK property market. The cost of borrowing has started to decrease as mortgage lenders fight for market share. Santander has launched a 5-year fixed rate at 3.84%, which is very different to the average rate of 6.66% during August 2023. The Bank of England may start to cut interest rates sooner than initially thought. This will be welcome news to homeowners, businesses and the wider economy. The positive indicator of the housing market is that mortgage approval rates are 25.6% higher than 12 months ago, which will filter through to a greater number of property transactions over the next few months. Key Points: Nationwide, Halifax and Rightmove have reported: -0.2%, +3.1% and +0.1% over the last 12 months. Nationwide, Halifax and Rightmove show that prices increased from last month (on a monthly basis). ONS figures show increases of -1.4% nationally and -4.8% in London. Rents have increased by 7.5% nationally and 4.6% in London. The av