What Impact Is the New Government Likely to Have on the Property Market?

Sunday, August 25th, 2024

Early Optimism in the Property Market

Although the new Government is still in its early days, there is growing optimism that the UK property market will soon ‘open up.’ This sentiment is fueled by pent-up demand from those who have been ‘waiting for the right time’ and the Government’s commitment to ‘build more homes’ in the coming months and years.

Increased Market Activity and Opportunities

A rise in activity within the housing market could become self-perpetuating, leading to a greater supply of available properties and, in turn, offering more opportunities for buyers at all levels of the property ladder to find something suitable. It could also create new prospects for landlords seeking to purchase investment rental properties.

The Role of Interest Rates and Mortgage Lenders

Alongside this growing optimism is the continued expectation of lower interest rates. Following the recent base rate reduction, further decreases will largely depend on mortgage lenders’ appetite, additional cuts to the Bank of England base rate, and the pricing of swap rates.

Consumer Confidence and Market Growth

Consumer confidence will also be a key factor in determining the speed and scale of growth in the property market. With inflation seemingly under control for now, this growth could occur sooner rather than later.

Importance of Early Advice and Mortgage Guidance

For these reasons and more, it is advisable for anyone considering a property purchase in the near future to seek early advice and guidance on property and mortgages. As the market heats up, being ready to move quickly could offer a significant advantage, and having initial discussions with a mortgage broker could place prospective buyers in a much stronger position.

How Caboodle Financial Services Can Help

Seeking guidance from a mortgage adviser can be invaluable when the time comes to purchase a property. They can offer advice on key aspects and considerations of homeownership, as well as assess your mortgage viability. Why not have a no-obligation conversation with one of our specialists, who can help you explore the various market options in greater depth?

If you would like to do that, simply call our team at Caboodle Financial Services in Sutton Coldfield, Birmingham, on 0121 308 9114 today to discuss your circumstances and requirements with one of our expert mortgage advisers. Alternatively, you can reach out via our online form HERE, and one of our specialists will contact you.

We look forward to speaking with you.