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Newspage local and regional media campaign

ended 07. June 2024

On Friday morning, on the back of the Halifax May House Price Index, we're trialling a new campaign with local and regional media outlets covering all major towns and cities around the UK where we give them rich, relevant and hyper-targeted content from experts based in their area (in your case, mortgage and property market experts). Think local experts giving a local take on national news as it breaks. If you'd like to get involved, respond to the questions below and, when the Halifax House Price Index appears >> here << at 07:00am on Friday, answer the top question to make your response newsy. We need your responses by 10:00am AT THE LATEST on Friday morning so you’ve got three hours to get shipshape. Make sure there's a good quality mugshot of you in your media pack and, if you're a free or Premium Newspager, PLEASE check for typos and make your responses as punchy as possible.

  • Does the May Halifax House Price Index published this morning tally with what you’re seeing on the ground locally?
  • How’s demand for property in your area right now? Is it bearing up or has it gone a bit quiet due to the General Election?
  • In your town or city, is it a buyer’s or a seller’s market right now — and why?

10 responses from the Newspage community

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Editor
Andrew Montlake
Managing Director at Coreco
London has always been a microcosm of the market, within which there are significant postcode variations. Whilst London as a whole has performed relatively weakly, we are seeing more demand filtering back, with many eager to get on and buy before the election rather than waiting to see what happens after.
In certain high-demand areas, we are once again seeing multiple offers, sealed bids and properties being sold over the asking price, as buyers have now re-anchored themselves to the new interest rate price point.
First-time buyers are especially keen to buy and those lucky enough to have a deposit funded by the bank of Mum and Dad are eager to escape an ever-escalating rental spiral. For them, interest rates have now eased to a level comparable to or better than monthly rental costs.
We hope a change in Government brings a sensible long-term housing plan led by one Housing Minister that delivers unification between residential ownership, social housing and the private rental sector.
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Simon Bridgland
Director at Charwin Private Clients
Price movement in Kent pretty much reflects the Halifax House Price Index, namely static overall. Though house prices are holding up fairly well, the number of properties becoming available in the county means the balance of power is definitely starting to favour buyers. Many vendors are in a hurry to sell and those of us doing regular searches on portals such as Rightmove will have noticed the much lower number of price reductions, suggesting that prices have now naturally corrected and are going under offer. It's important that sellers remain realistic and do not to expect the same marketplace as they enjoyed in 2022, where bold asking prices were achieved with ease. This is further tempered by the fact many mortgage holders are still coming to terms with the new higher interest climate we are in. Even with this week's rate cut by the European Central Bank, it could be some time before the ever-cautious Bank of England follows suit.
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Rohit Kohli
Director at The Mortgage Stop
The latest House Price Index from the Halifax is consistent with what we're seeing on the ground here in Hampshire, with slight growth year-on-year. Demand for property on the South Coast, particularly in and around Hampshire, remained steady in the lead-up to the general election announcement. While the announcement itself hasn't significantly altered this trend, we have noted a slight decrease in enquiries from borrowers interested in higher end properties. However, demand from first-time buyers remains robust. It's worth noting that there is a fair amount of frustration among potential buyers, as the local market continues to favour sellers, despite the level of mortgage rates. We're getting regular feedback from estate agents that properties are selling within days of being listed, a situation exacerbated by what appears to be a reduced number of new properties coming onto the market.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
The May Halifax house price index mirrors what we are seeing on the ground here in Norfolk, namely that the market overall is static. Locally, there are growing numbers of properties coming onto the market, and asking prices are holding relatively firm. We are seeing increased levels of enquiries from buyers in Norfolk who are waiting in the wings ready to pounce. However, at present, there is a hesistation from buyers, who are perhaps waiting for some post-election stimulus or the expected start to reductions in the Bank of England base rate. Everything is aligning for a property market boom in the second half of 2024 and into 2025. The fact that the European Central Bank cut rates yesterday is an encouraging sign.
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Craig Fish
Director at Lodestone Mortgages
The resilience we are seeing in house prices, is reflected in the London market. Whilst prices have eased over recent times, there are some local hotspots and we are seeing the comeback of sealed bids, and best and final offers. The acceptance of the higher interest rate environment as well as an elected leadership is all that is needed to see a positive second half of 2024.
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Dariusz Karpowicz
Director at Albion Financial Advice
The May Halifax Price Index and other indices measuring property prices align perfectly with what we see on the ground both in Doncaster and South Yorkshire more generally. Despite some media scaremongering about a potential 20% crash, locally we've seen a tiny amount of growth in house prices. No dramatic drops here at all. Demand is holding steady, but with a plethora of properties on the market, it's definitely a buyers playground right now. There are plenty of deals to be had if you're savvy. Interestingly, the General Election hasn't thrown a wrench into the property works just yet. Buyers are still out there, hunting for opportunities, seemingly unfazed by the political landscape. So, if you're thinking of buying, now might be the perfect time to strike a deal before any post-election policy shifts. All in all, it's an exciting time in the property market, and the local scene is buzzing with activity despite the broader economic uncertainties.
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Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
With Swindon's younger demographic, Freedom to Buy, the new first-time buyer scheme announced by Labour last night could see a major bounce in Wiltshire's largest town and drive economic growth. House builders have loved Swindon over the past twenty years, with many new large developments. This could continue if a new government put in place incentives for home builders. The future looks rosy for Swindon. It's certainly in a great location to benefit from new policies that an incoming government will want to put in place. The Halifax states that the market was static in May and that was also the case locally, with the forthcoming election slowing things down and both buyers and sellers becoming nervous for various reasons. However, Swindon's housing market has been a positive for the growing town over the past five years and listings remain strong. There's still life in the market and there will be even more activity when that first rate cut comes from the Bank of England.
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Ken James
Director at Contractor Mortgage Services
Buyers and sellers have decided to dance to the beat of their own tune and mute the noise of political movement into the background. The Halifax House Price Index published this morning shows that the London Bubble remains un-popped, Property prices in this region remain buoyant and strong, this is being reflected in the amount of new enquiries we are seeing here at CMS, the activity levels for property has increased over the last 6 weeks after a little slow down in March, we are also seeing rises in the asking prices as demand creates more competition for property.
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Harps Garcha
Director at Brooklyns Financial
The housing market in Buckinghamshire and Berkshire remained fairly steady last month, as confirmed by the May Halifax House Price Index. Over the past 5-10 years, the area has seen a significant increase in new builds locally thanks to the Elizabeth Line, but this boom has now tapered off, leading to a more balanced supply of homes. Despite the steady supply and a spike in enquiries, actual purchases are lagging. It seems buyers are playing the waiting game, holding off until the general election dust settles and interest rates, which have been high for some time, start to drop. Many local buyers are likely preparing for a more favourable market in the second half of 2024, hoping that post-election stability and interest rate cuts will improve conditions. The Freedom to Buy incentive could also be a fillip. The decision of the Euopean Central Bank to cut rates yesterday will hopefully give confidence to the Bank of England to cut rates. All eyes are on the Bank of England.
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Neezam Romjon
Co-Founder at Rebus Financial Services
With a new government looking increasingly likely, this is a real opportunity for a new and innovative solution to help first time buyers getting a foot on the ladder. With sharp rises in house prices and mortgage rates showing no real sign of coming down just yet, first time buyers still face the challenge of finding a 5% deposit and affording the mortgage payments. This scheme does not go far enough to really help first time buyers in my view.