Snapshot highlights:
We expect more optimism in the UK residential real estate market in the remaining months of the year as the Bank of England had their first rate cut in August, marking the beginning of their rate cutting cycle.
Although average mortgage rates increased since the beginning of February, they have started to decrease again over the past month. The average 85% LTV rate is at 4.91% on a five-year fix as of July 31st, 2024.
Residential property transactions increased from 254,090 in Q1 2024 to 272,700 in Q2 2024. This is the second quarter in a row where transactions have increased.
Average UK rents have increased by 7.1% y/y in Q2 2024. At the same time, the build-to-rent pipeline has decreased by 10.8% y/y in Q2 2024. This underscores that construction of new rental properties is simply not keeping pace with demand.
Read the report here
We expect more optimism in the UK residential real estate market in the remaining months of the year as the Bank of England had their first rate cut in August, marking the beginning of their rate cutting cycle.
Although average mortgage rates increased since the beginning of February, they have started to decrease again over the past month. The average 85% LTV rate is at 4.91% on a five-year fix as of July 31st, 2024.
Residential property transactions increased from 254,090 in Q1 2024 to 272,700 in Q2 2024. This is the second quarter in a row where transactions have increased.
Average UK rents have increased by 7.1% y/y in Q2 2024. At the same time, the build-to-rent pipeline has decreased by 10.8% y/y in Q2 2024. This underscores that construction of new rental properties is simply not keeping pace with demand.
Read the report here
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