Partner and head of our award-winning Residential Property team, Manisha Bhula, highlights some of the positive indications that the housing market could be set for a better year than some had forecast.
Manisha explains: “According to newly published data from the Bank of England, mortgage approvals hit their highest level in six months in December, highlighting that market confidence and activity are rising.”
She continued: “This was quickly followed by news that several major lenders have reduced their interest rates on fixed mortgages, with some now offering certain customers rates below 4% once again. This will likely give the market and some clients looking to move or remortgage this year a significant boost.”
The move comes as Halifax announced that average house prices rose for a third month in a row in December, by 1.1%, and that prices had increased by 1.7% annually.
Some analysts are forecasting a reduction in both inflation and the Bank of England’s base rate as we move through 2024, which would bring more welcome news for households grappling with cost-of-living pressures.
Manisha added: “We are delighted that our Residential Property team has remained extremely busy throughout a more turbulent period in the housing market and are very grateful for the excellent feedback our clients very kindly continue to share.
We are also pleased to be welcoming several new faces to our growing team, having opened our new office in Wokingham last autumn alongside our existing offices in Reading and Henley-on-Thames.”
How We Can Help You
Our Residential Property team at Blandy & Blandy handles property sales and purchases of all sizes and levels of complexity. Our offices are based in Reading, Henley-on-Thames and Wokingham but we can of course also advise you remotely.
We are accredited by the Law Society’s Conveyancing Quality Scheme (CQS) and our successful approach has been recognised through several awards and nominations. Our clients also kindly continue to provide excellent feedback, which can also be viewed via our website and through platforms including Google Reviews and Review Solicitors.
For further information or legal advice, please contact law@blandy.co.uk or call 0118 951 6800.
This article is intended for the use of clients and other interested parties. The information contained in it is believed to be correct at the date of publication, but it is necessarily of a brief and general nature and should not be relied upon as a substitute for specific professional advice.
