The latest delay isn’t long enough for some and short enough for others, but for the UK property market the unwelcoming drama playing out in Westminster is becoming less and less relevant.
With both the Global Financial Crisis and Brexit, many prospective buyers and sellers are accustomed to all the Chaos and are getting on with their lives.
Whether or not this new delay gives Parliament enough time to come to a sensible rather than rushed solution remains to be seen, but it’s likely to trigger a bounce in transaction levels and strengthening in house prices.
Over the past month or two, we’ve seen a pickup in activity levels. More and more buyers are realising that the current market volatility is their trump card and they are playing it accordingly.
Right now, with the correct negotiation, property can be acquired at a discount, and with the extremely competitive mortgage rates still available it’s no surprise people are increasingly encouraged to buy.
Mortgage rates from lenders are subject to the usual competitive rates and the main headline rates have reduced a bit. For standard residential mortgages, borrowers can obtain 2-year fixes at 1.43%, (3.82% APRC) and 5-year fixes from 1.79%, (3.79% APRC) whilst variable tracker rates are around from 1.38%, (3.80% APRC).
Those looking at Buy-To-Let can still obtain products from just 1.39%, (4.27% APRC) for a 2-year tracker or 5-year fixes are available from 2.04% (4.05% APRC).