Instant Valuation

  • Since the start of 2022 interest rates have risen by 0.5%, however for those looking to purchase a home many mortgage rates remain attractive.
  • It is estimated over 1 in 4 households are on mortgage deals affected by changing interest rates (UK Finance), but the average 2 year variable rate published by the Bank of England is actually lower than a year ago.
  • At 3.99% the revert-to-rate is 0.37% higher year-on-year. For those with a 25% deposit the current 10-year fixed rate is just 0.33% above the 2-year fixed rate.
  • Back in 2008 when the base rate was last 0.75% and in 2014 when affordability tests were introduced, rates were far higher. The next meeting of the Banks Monetary Policy Committee is on Thursday 5th May.
  • Source: Dataloft, Bank of England, For general information only. Specialist advice on investments must always be sought.

  • More than one in four private rental households could be headed by a person over the age of 55 by 2035 according to a new report by the Social Market Foundation.
  • A greater proportion of current renters in this age group consider an unfurnished property and the length of tenancy priorities than those aged 18–34 and 35–54.
  • In terms of the neighbourhood they choose, proximity to local shops and closeness to family and friends are top considerations, with access to healthcare a key consideration for the future.
  • Research has found that renters aged 55+ are less likely to pay a premium for additional facilities within their property compared to younger generations (Dataloft, Property Academy 2021).

  • In his Spring Statement on 23 March 2022, the Chancellor announced the scrapping of VAT on materials and installation of energy efficiency equipment for homes.
  • Energy efficiency is becoming more important to buyers as a result of escalating bills and concerns about fuel security.
  • Homes sold with an EPC rating of A or B in 2021 achieved a 6% premium over properties with an EPC D rating, on a £ per square foot basis.
  • A substantial shift in buyer behaviour might require more significant financial implications. The Energy Efficiency Infrastructure Group are lobbying for a reduction in SDLT for energy efficient properties.
  • Source: Dataloft/UK Government

  • The Chancellor warned that the global economic outlook is 'challenging' in his Spring Statement. The OBR has lowered its economic growth forecast to 3.8% this year, down from the 6% forecast in October.
  • Property price growth is expected to outperform economic growth this year, averaging 7.4% over 2022, before slowing to 1.3% in 2023. No price falls are predicted over the next five years.
  • Wage growth is forecast to be in the region of 5.2% in 2022, higher than average. However, inflation is expected to average 7.4% and not return to below 2% until 2024.
  • Measures taken to tackle rising costs include: a 12-month cut in fuel duty, an increased National Insurance threshold and 0% VAT on energy-efficient equipment.
  • Source: Dataloft, UK Government, Office for Budget Responsibility (OBR)

  • Newly-marketed properties are being snapped up fast, with Rightmove reporting that 22% of deals are agreed within the first week of being listed.
  • This is more than double what was seen at the same time in 2019 and reflects the continued large disparity between supply and demand in the market.
  • Over 60% of agents in the latest Dataloft subscriber poll reported that properties were selling, on average, after 4 viewings or less.
  • With momentum in the market high, close to 2 in every 5 properties (39%) are selling at over the asking price (NAEA).
  • Source: Dataloft Inform, Rightmove, NAEA
The Property Ombudsman Deposit Protection Scheme Rightmove Zoopla Primelocation OnTheMarket