At Myerson, we are optimistic about the housing market as we transition into Autumn 2024.
Historically, September and October have been prime months for buyers looking to make their next move as they hope to settle into their new homes before Christmas.
Our Residential Property Lawyers explore the impact of the Bank of England's recent announcement to cut interest rates.
After the Bank of England announced a reduction in the interest rate from 5.25% to 5% on 1 August 2024, we hope buyers will confidently step into Autumn to make their purchases and benefit from the base rate cut.
Leading estate agent Savills shares our hope, ‘forecasting a house price growth of +2.5% this year.’
Why has the Bank of England cut the base rate?
In short, this is the first cut since the start of the pandemic in March 2020, as a result of prolonged economic instability and inflation.
In response to the Bank of England’s decision to cut the base rate, leading professionals in the property industry have been sharing their thoughts as outlined below:
Nathan Emerson, CEO of Propertymark, claims: ‘Today’s rate cut is excellent news for the housing market and no doubt a huge sigh of relief for those who have felt the pain of higher interest rates for the last two years. Summer is traditionally a busy time of the year for the housing market, and today’s base rate cut should hopefully provide a new wave of confidence and affordability for many.’
Likewise, Andrew Lloyd, Managing Director at Search Acumen, claims: ‘The tide is now turning, signalling a shift in economic strategy that many hope will revitalise investment in real estate.’
At Myerson, we share this positive outlook and anticipate a surge in the housing market as Autumn 2024 approaches.
How will the general election outcome align with the base rate cut?
Only time will tell, but we are optimistic about the coming months.
This cut followed Labour’s election victory. Angela Rayner, the new Secretary of State for Levelling Up, Housing and Communities, aims to increase the supply of new homes in Great Britain.
She aspires to help ‘80,000 young people onto the housing ladder over the next five years.’
At Myerson, we are ready to deal with the increased supply of new homes and are experienced in dealing with all types of property transactions.
Our projections for Autumn 2024
We anticipate a flurry of activity this Autumn and hope to see increased confidence in the housing market.
We look forward to helping first-time buyers, home movers, and investors make their next move.
We aim to make the legal process as seamless as possible, and if there are any bumps in the road, our experienced residential property team will be able to guide you through them.
Contact Our Residential Property Solcitors
Our residential conveyancing solicitors provide local, national, and international expertise in residential property transactions. For advice, contact us on:
01619414000
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Laura Higgins
Associate
Laura is an Associate in our Residential Property team. Laura has experience in a wide range of residential property transactions, including freehold and leasehold sales and purchases, Transfers and Assents.
About Laura Higgins