LandlordInvest General update 5th April 2024
Apr 5, 2024 15:35:33 GMT
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Post by Chimponaughty on Apr 5, 2024 15:35:33 GMT
General update
5th April 2024
Property markets have been showing signs of stabilising since the beginning of the year, as confirmed by mortgage applications reaching new highs. House prices have stabilised and have even begun increasing in some areas.
Loan enquiries to LandlordInvest have also been increasing since the beginning of the year.
However, we are noticing that it still takes a significant amount of time to progress from the loan offer to completion stage, mostly due to borrower hesitance and their continued cautious outlook on the property market. Valuations are also frequently coming in lower than their expectations.
We expect this trend to continue for some time, and once confidence begins to return to the market - which is likely to occur when the Bank of England begins to reduce the base rate - we would expect something of a ketchup effect, where pent up demand finally comes through. The UK’s chronic residential housing shortage has not been resolved and, on the contrary, has been made worse by this property downturn.
LandlordInvest
5th April 2024
Property markets have been showing signs of stabilising since the beginning of the year, as confirmed by mortgage applications reaching new highs. House prices have stabilised and have even begun increasing in some areas.
Loan enquiries to LandlordInvest have also been increasing since the beginning of the year.
However, we are noticing that it still takes a significant amount of time to progress from the loan offer to completion stage, mostly due to borrower hesitance and their continued cautious outlook on the property market. Valuations are also frequently coming in lower than their expectations.
We expect this trend to continue for some time, and once confidence begins to return to the market - which is likely to occur when the Bank of England begins to reduce the base rate - we would expect something of a ketchup effect, where pent up demand finally comes through. The UK’s chronic residential housing shortage has not been resolved and, on the contrary, has been made worse by this property downturn.
LandlordInvest