Breaking Property News – 11/03/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Halifax unexpectedly raises rates, average two-year fixed mortgage today is 5.78%, five-year fix is 5.35%.
Despite the rate of inflation dropping and the rates given for savers, mortgage lenders are once again turning the screw with Halifax announcing an increase in its lending rates to mortgage consumers. This means that four of the ‘big six’ have now upped the cost of borrowing which will directly impact the housing and re-mortgage market.
The Bank of England has indicated a tough stance on the base rate, and so it is unlikely that there will be any downward pressure until the autumn of 2024 at the earliest, this will also knock the fragile housing market.
The cost of cash to finance the next purchase, is clearly opening up a divide in the marketplace, with four bedroom detached homes languishing as buyers can not afford the extra £200,000 new mortgage borrowing on top of their existing lending, the burden is just to high.
Many who are not moving have seen their mortgages rise, having come off a fixed rate by as much as 35%, or £450/£600 a month, add in the other inflationary costs, utilities, food, council tax uplifts, and it would seem that the housing market of 2024 is in for a rough ride.
Halifax’s increase will begin mid-week with rates for first time buyers (fixed), large loan to value, and affordable housing mortgages going up by 0.2 percentage points. In a surprising move the Co-Op Bank, pushed its lending rates up by a full percent, clearly showing that they feel the economic outlook is not going to improve rapidly.
At the tail end of 2023, many lending pundits were being bullish about lending rates coming down, following the Chancellor’s lacklustre Spring Budge the grim reality that the country is in a dark place, with a government unable to deliver any meaningful policy prior to a November election, means that getting a mortgage will remain an expensive proposition for many.
Fine & Country celebrates ‘Dare to be Iconic’ International Conference and Awards Gala
Premium estate agency, Fine & Country recently concluded its highly anticipated International Annual Conference and Awards Gala titled ‘Dare to be Iconic’. Held at The Brewery in London on 8th March 2024, the event showcased remarkable achievements within the Fine & Country network, while providing invaluable insights on the property sector and vision for the brand during 2024.
Nicky Stevenson, Managing Director of Fine & Country, expressed her excitement about the event, highlighting its significance in bringing together professionals from across the globe. “The Fine & Country Conference and Awards Gala serves as a focal point for our global network of delegates, providing unparalleled opportunities for networking, learning, and celebration,” she said.
The conference featured an impressive line-up of speakers and industry experts, including keynote speaker David Abbott, a renowned expert on pricing strategies. Abbott’s session titled ‘Dare to be Expensive: How to Price your Platypus’ offered invaluable insights into driving revenue growth through effective pricing strategies.
Other notable presentations included discussions on the integration of AI in businesses by Ben Sellers, Co-founder of Starberry, and a success story shared by Jonathan Handford and Vanessa Bradford from Fine & Country Droitwich Spa, who achieved remarkable growth in their market. International speakers such as Bruce Hawker and Zoie Hawker from Fine & Country Algarve provided insights into the nuances of local markets, enriching the conference with diverse perspectives from around the world.
The highlight of the event was the Awards Gala, which recognised outstanding achievements by licensees and associates within the Fine & Country network. Winners were acknowledged across various categories, including Marketing and Exposure, Property Presentation, Customer Service, and more.
“While the past year has had its share of hurdles, many within the network have risen above the challenges faced and managed to achieve some remarkable results. Our award gala is a celebration of their success and an opportunity to acknowledge their efforts,” Stevenson comments.
Several agents and offices walked away winners at the event. The full list of winners announced at the conference:
Marketing and Exposure – Fine & Country Marlborough, Devizes and Newbury
Property Presentation – Fine & Country Cardiff and Fine & Country French Riviera
Customer Service – Fine & Country Colchester
Best Referring Location – Fine & Country Woodbridge
Best Referring Individual – Emilia Robinson
Best Newcomer – Fine & Country Cyprus
PR – Fine & Country North Cumbria
Social Media – Fine & Country Algarve
Fine & Country Foundation – Fine & Country Droitwich Spa
Park Lane Associate Award – Fine & Country Chichester
Outstanding Contribution to Fine & Country – Jonathan Handford
Napoleon Wilcox Award – Nicola Wright
Regional Awards:
North West – Fine & Country Ribble Valley
North East – Fine & Country Newcastle and Northumberland
Wales – Fine & Country Cardiff
Midlands – Fine & Country Leamington Spa, Warwick and Kenilworth
East Anglia – Fine & Country South Norfolk and North Suffolk
South West – Fine & Country Christchurch
South East – Fine & Country Banbury and Buckingham
London – Fine & Country Fulham
Best Operator UK – Fine & Country Leamington Spa, Warwick and Kenilworth
Best European Operator – Fine & Country Leamington Spa, Warwick and Kenilworth
Africa – Fine & Country Helderberg
Best International Operator – Fine & Country Leamington Spa, Warwick and Kenilworth
Stevenson congratulated the winners, stating, “We are extremely proud of the exceptional performance of the brand throughout 2023, and we are delighted to acknowledge the outstanding efforts of our network.”
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
You May Also Enjoy
Buy-to-let investors can benefit from 12% price discounts for unmodernised homes
UK estate agents facing heightened competition as agency numbers up 24%
Homeward Bound
Growth in mortgage and rental spending slows for third consecutive month in May
£39bn boost for affordable homes programme
