The 7AM Cut
BuyAssociation curates a weekly news letter of the top property news headlines – to receive your weekly round up of property news, register today.
In the news this week: mortgage rate hopes as one lender offers below 4%; UK rents hit record high and; rental demand in the UK’s core cities is here to stay…
Rental demand is “here to stay”, particularly in the UK’s core cities
“Undergraduate and postgraduate student numbers have been on the rise, with a 4% increase in the number of students studying at higher education institutions in the 2021/2022 academic year, to 2.86 million.
Savills notes that there was a “steep rise” in student numbers in 2019, and research predicts there will be 4.7 million graduates between 2023/2024 and 2026/2027, assuming a 10% dropout rate. These graduates make up a significant part of the UK rental market, adding to the already growing rental demand”…
– Eleanor Harvey, BuyAssociation
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Mortgage rate hopes as one lender offers below 4%
“The average rate for a two-year fixed deal, which had been very close to 6% at the start of the month, is now at 5.79%, according to the financial information service Moneyfacts. The average five-year rate is 5.39%.
The Nationwide has become the latest lender to move, by reducing its five-year fixed mortgages, for new customers moving home with a 40% deposit, to a rate of 3.99% plus a fee.
Mortgage analyst Kylie-Ann Gatecliffe said this could be the start of a “rate war”between the big banks”…
– Faarea Masud, BBC News
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UK rents hit record high
“The average rent being asked outside London has hit a new record of £1,314 per month, with each property typically receiving 17 inquiries from prospective tenants.
Rightmove’s Director of Property Science, Tim Bannister, said: “With 17 inquiries for every available rental property, the market remains out of balance and difficult for tenants.
“We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market”…
– Emilia Kettle, Greenock Telegraph
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Barclays and TSB cut mortgage rates
“Barclays has announced cuts to a broad range of its residential purchase and remortgage deals, effective from 26 July. Selected product transfer deals (for existing customers looking for a new rate) have also been cut by up to 0.1%.
They are offering a five-year fixed rate for home purchase at 4.04% with an £899 fee, for borrowers with at least a 40% cash deposit (60% loan to value). Barclays Premier Banking customers can get the same deal at 4.03%”…
– Laura Howard, Jo Thornhill, Forbes
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Virtual reality walkthrough brings £100m Liverpool Baltic station scheme to life
“Liverpool Baltic station will be located in one of the city region’s fastest growing areasand is one of four new stations planned by recently re-elected Liverpool City Region Mayor Steve Rotheram, who has committed to completing the project by the end of 2027 – a year ahead of its previous schedule”…
– Mersey travel
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Stockport lines up mammoth 4,000-home regen opportunity
“The council is seeking consultants to draw up a strategic regeneration framework for 280 acres east of the town centre, the next phase of a £1bn transformation programme”…
– Dan Whelan, Place North West
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BuyAssociation is an established voice in the UK property industry. As well as producing our own content and daily property articles, we curate a newsletter each week highlighting the week’s top headlines for UK property news articles, stories and reports. Stay ahead of the market and join over 30,000 of the world’s most informed property investors by registering today!
The 7am Cut – 29/7/2024
