Press Round Up August 2024

Mon 28 Oct 2024

The long-awaited reduction in base rate is a welcome shot in the arm for the mortgage market. Jeremy Leaf, principal of Jeremy Leaf & Co, told The Evening Standard: “In our view, when the interest rate decision has been so close to call it means the impact on the market will be relatively minimal one way or the other. Of course, some buyers have been holding off in anticipation of a cut for some time but mortgage rates ‘on the street’ have been softening over recent weeks anyway."

House prices rose at their fastest rate in the six months to July, according to the Halifax. Jeremy Leaf told The Telegraph: “The recent drop in base rate is already having an impact in terms of generating new interest and accelerating existing transactions, even at a time when the market is usually on holiday."

A messy garden will knock thousands of pounds off your house price, according to new research. Jeremy Leaf told The Daily Mail: “Not many buyers expect a Chelsea Flower Show finish but an untidy garden can definitely compromise a property’s value and saleability - particularly if a relatively tight space. Sellers with messy gardens should certainly consider at least a modest tidy up before putting their properties on the market. Otherwise, buyers may be worried about hidden horrors may be lurking in the undergrowth, not least Japanese knotweed."

Rents have risen again, according to the Office for National Statistics. Jeremy Leaf told The Financial Times: “Here’s another example of the housing market’s resilience - very little change in prices at a time of considerable election and interest rate uncertainty. Activity has improved since, helped by the long-awaited cut in base rate although already taken into account by many. The slight uplift in the latest inflation figures is unlikely to knock the interest rate reduction strategy off course but will have some impact on confidence as it is likely that the pace may slow a little, leaving the market to find a new level."

New asking prices in London dropped by 2.1 per cent in August, according to Rightmove. Jeremy Leaf told The Evening Standard: “There is no doubt the cut in base rate has been a shot in the arm for the housing market, particularly in terms of new enquiries during the traditionally quiet summer period. However, the change was anticipated for such a long time so helped soften mortgage pricing on the high street. This meant the impact on property values has been modest to date."