June 2024 Market Comment

The waiting is now over.

June has been a month of anticipation. With the election looming large in the minds of most prime central London buyers, the market seemed to be holding its breath. Many property owners have been stalling to see what the new government would bring, resulting in fewer properties entering the market. Despite this, buyer numbers remain very high, with the usual influx of new summer registrations and many families looking to move before the new school year starts in September.

Now, the waiting is over. The results of the general election are in, and while many are not surprised, it does represent a significant shift in the political landscape of the UK government. The Labour Party has committed to easing planning regulations in the development sector to achieve their ambitious target of creating 1.5 million new homes.

The mortgage market looks set to enter a period of fierce competition as inflation aligns with government target models and Bank of England base rates are expected to drop again. Many lenders are poised to launch a wide range of new products to capture market share across various borrower demographics. First-time buyer rates are coming down, and there are competitive products for buy-to-let investors and very attractive remortgage options.

Landstones’ lettings team has been overwhelmed by the start of the summer rush. This wave, delayed by several weeks due to relentless bad weather, has now been supercharged by the arrival of sunshine. Tenant registrations outstrip new instructions by 25 to 1, which can only mean one thing for summer lettings prices. If you have a property that is vacant or becoming available soon, please get in touch with the team, as we have an overwhelming number of high-quality new tenants.

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