Residential Transactions in October
Recent HMRC data shows a dip in residential transactions during October, but volumes haven't plummeted dramatically.
Seasonal Adjustments
Seasonally adjusted residential transactions declined by 21% year-on-year and 3% from the previous month.
Non-Residential Transactions
Non-seasonally adjusted non-residential transactions increased by 5% both month-on-month and year-on-year.
Impact of Higher Interest Rates
Higher interest rates have introduced affordability challenges, but borrowers are adapting.
Improved Mortgage Products
Availability of sub-5% mortgage rates is positive for the market, and lenders are exploring innovative support measures.
Government Incentive
Potential for a government incentive in the new year to stimulate transactions is promising.
Changing Landscape
Transactions have adjusted in response to higher rates, with fixed rates gaining attractiveness.
Bank of England's Role
The Bank of England's decision to maintain rates may signal the base rate has peaked.
Importance of Pricing
Pricing property appropriately remains crucial in the current climate.
Confidence in Real Estate
Confidence in the real estate market is pivotal, with two consecutive holds in interest rates providing reassurance.
Bridging Ventures Group's Support
Bridging Ventures Group offers flexible bridging loan solutions, empowering property buyers and investors to navigate challenges and seize opportunities in the evolving landscape.
