Lenders react to the seismic changes coming from America

In a previous blog we had speculated that after the stamp duty cliff edge had been reached, a potential crash in the market could be encountered.  No sooner had the stamp duty cliff edge been reached, in an unforeseen event, the latest administration in the White House unleased a flurry of global tariffs on the major economies of the world where the economic impact on the day to day has yet to be seen.

In an effort to meet uncertainty with certainty, several high street & specialist mortgage lenders have reacted to such news by reducing their rates to below 4%.  This is the first time, since before the Covid pandemic, that the rates have been either 4% or lower.  The benefit should immediately be felt by those seeking to re-mortgage.  For first time buyers, or persons purchasing their next property, this rate reduction should go a long way to reducing every day expenses, especially in what has been dubbed “Awful April”.  

To offer an even brighter outlook on the housing market, Rightmove have published their latest figures which suggest that house prices have reached a new record high despite a speculated tail off for transactions following the stamp duty cliff edge.

https://www.cityam.com/uk-house-prices-hit-record-high-in-april-despite-stamp-duty-changes/

This is positive news for all involved in the property profession and we welcome all who are seeking their first or next involvement in the property market.

If you have any questions about the conveyancing process or wish to get a quote for the costs involved, why not call our team at mosshaselhurst Solicitors on 01606 74301.