Increased buyer demand. Mortgage rate cuts. Calls to reform property tax.
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Interest rate cuts increase market demand
Rightmove reports that estate agents have seen an increase in enquiries by 19% after the Bank of England cut interest rates.
The recent cut from 5.25% to 5%, a small decrease has enabled mortgage rate cuts and inspires confidence in mortgage affordability.
Mortgage rates cut by Barclays, HSBC, TSB
Responding to base rate borrowing cuts from the Bank of England Barclays, HSBC and TSB have cut their interest rates.
HSBC are reducing rates on 2, 3 and 5 year deals but are yet to announce by what.
TSB have reduced their rates on 2, 3 and 5 years deals at 0.25%
Barclays have cut 0.15% off is a two year fixed deal for borrowers with only a 15% deposit.
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Former adviser to Sunak calls for reform to taxes on housing
The economic adviser to Sunak who pushed for the Covid furlough scheme is now calling for a change to the taxes surrounding property.
Tim Leunig calls for the abolishment of Council tax and stamp duty with the former being calculated on prices now 33 years out of date.
Instead, Leunig calls for a tax on wealth in property with further taxes annually on homes over ￡500,000 that would replace the revenue of stamp duty. The intention being that poorer areas would only pay for the services they use, whereas wealthier areas would contribute more to the country’s budget.
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