Although the country has basked in an unexpected heatwave, the housing market across the UK has remained cool. Price growth has moderated across the mainstream market, while there has been little movement in prices across the premium markets. The fragile state of the London market, the economy and the political ping-pong of Brexit continue to impact confidence and transaction levels.
In the three months to June, the UK economy grew by 0.4%, and UK unemployment fell to the lowest level for more than 40 years. However, the high street is suffering, and with wage growth on par with inflation, which rose to 2.5% in July, the first increase since November 2017, many households face a continued squeeze on household incomes and levels of consumer confidence remain muted.
Interest rates remain historically low and while the announcement of a 0.25% rise, just the second rise in a decade, will do little to aid business or consumer confidence its impact on many household mortgages will be minimal. Latest data from the FSA indicates that 91% of all new mortgages and 66% of all existing mortgages are on fixed rate deals, with the average interest rate on all outstanding mortgages just 2.53%. Good news for the housing market: a low interest rate environment looks set to remain for the considerable future, with the Governor of the Bank of England predicting the rate will rise to just 1.5% over the next three years.
Are you looking for your dream property? Fine & Country has offices all over the world. Click here to find your nearest office and get started on your property search today.
For a free valuation, click here.
Without Clare keeping our sale on track and acting far above and beyond we would not have completed. She looked after us from the moment we first met until completion, keeping in... Read full reviewReview Added: Nov 27th, 2020
I couldn’t have been happier with the service I received from Alex, Chris and all the team at Fine and Country. My house hunt was quite long, around 2 years and during th... Read full reviewReview Added: Nov 27th, 2020
Anita made the entire experience seamless. Very professional and went above and beyond at every junction. As first time buyers, we were incredibly nervous about the entire... Read full reviewReview Added: Nov 26th, 2020
We had a brilliant experience with Anita and the Fine & Country team. We had to relocate early in the process and Anita managed viewings, valuation visits etc without us ne... Read full reviewReview Added: Nov 18th, 2020
4.86 out of 5 - based on 1399 customer reviews
Connecting offices on over 300 locations worldwide, our referral system combines local knowledge and expertise with an international network to find the right buyer for you wherever they are, at the same time as finding you your ideal next move
We interact with customers on the main social media channels including Facebook, Twitter, YouTube, LinkedIn and Pinterest, giving each property maximum online exposure.
*Please, note: for security reasons, the maps on this website do not provide the exact location of the property and they are provided solely as an indication of area.