Welcome to the Quick Solve Property Services blog, where we keep you updated on the latest developments in the London property market. This month, we've seen several significant trends and announcements that could impact property owners, buyers, and investors across the capital.
London House Prices and Market Activity
According to recent data, the London housing market remains the most expensive region in the UK, with average prices reaching £536,306. However, the market is showing signs of balancing, with new listings growing and sales activity dipping slightly compared to the previous year. The sales-to-new-listings ratio (SLNR) for London in June 2024 was 45%, indicating a balanced market that neither strongly favours buyers nor sellers (Evening Standard) (WOWA).
Impact of the General Election
The recent General Election brought a new Labour government, which has pledged to prioritise housing and planning. Labour's manifesto includes an ambitious plan to build 1.5 million homes over the next parliamentary term, focusing on affordability and sustainability. Key strategies include updating the National Policy Planning Framework, fast-tracking urban brownfield developments, and introducing a comprehensive mortgage guarantee scheme for first-time buyers (GetAgent).
Mortgage Rates and Market Forecast
High mortgage rates continue to affect housing affordability in London. Currently, the average rate for a two-year fixed mortgage is 5.95%, while a five-year deal averages 5.53%. There is anticipation of a potential base rate decrease by the Bank of England later this year, which could provide some relief to buyers facing high borrowing costs (GetAgent).
Looking Ahead
Despite the challenges, there are still opportunities within the London property market. Approximately 75% of the projected 1.1 million sales for 2024 are either complete or in the sales pipeline, indicating steady market activity. With 250,000 sales yet to be agreed upon, there are still opportunities for both buyers and sellers as we move through the year (GetAgent).
Stay tuned to our blog for more updates and insights into the London property market. At Quick Solve, we're here to help you navigate these changes with our expert property maintenance services. Whether you're a homeowner, letting agent, or property manager, we are committed to providing professional and prompt service to keep your properties in top condition.
For more information or to book our services, visit www.quicksolvepropertyservices.com or contact us at 020 3488 4080.
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