Latest Property News

𝗪𝗵𝗮𝘁 𝗮 𝘀𝘁𝗮𝗿𝘁 𝘁𝗼 𝟮𝟬𝟮𝟰!🏘️📉🧑‍🎓📚🏦

The property market experiences a positive shift ☀️with mortgage rates dropping to as low as 3% ⬇️ marking a significant decrease from the peak of 6%🔝

The government considers backing 99% LTV mortgages to aid first-time buyers, requiring only a 1% deposit, though concerns about negative equity and limited affordability arise 😳

Labour proposes stringent qualifications 📚for estate agents to eliminate unethical operators from the housing market. The suggested changes include at least one A-level for all agents and an undergraduate degree for agency directors. While these amendments are under debate, they indicate Labour's commitment to improving standards in the estate agency sector.

The Bank of England 🏦 maintains interest rates at 5.25% for the fourth consecutive time, with a 6-3 vote in favor. Despite two members advocating for an increase and one for a cut, the current rate, set in August, remains the highest in nearly 16 years. Inflation peaked in October 2022 but has since fallen to 4%, below the Bank's 2% target 🎯 Expectations suggest a potential rate decrease later in the year 📉