Market Update: Round-up of Property News and Views

What’s happening in the housing market right now and what’s the outlook like for the rest of the year?
Let’s take a look at some of the latest property news.
• The Bank of England’s Monetary Policy Committee met in March and decided to hold the base rate at 4.5%.
• In the mortgage market, rates fell by their biggest margin in months. Many lenders now offer sub-4% deals (on 60% LTV mortgages).
• New data from Savills showed that the UK housing market grew by £22.3 billion last year to £379 billion. Savills expects solid growth this year, too.
• The data also showed that in 2024 there was a £24.3 billion increase in the use of mortgage debt to purchase property. This trend was particularly prevalent among first-time buyers.
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