NEWS

UK housing market conditions continue to steadily improve, supported in part by greater mortgage affordability, which has been easing thanks to strong wage growth and falling interest rates.

This positivity is now filtering through with respect to transactional volumes, with the latest official data suggesting that the number of monthly sales completing across the UK property market in August tipped the 100,000 threshold for the first time since December 2022.

The Bank of England could cut interest rates more quickly if price rises remain under control, its governor has suggested.

Andrew Bailey told the Guardian, external that the Bank could be a “bit more aggressive” at cutting borrowing costs, depending on the rate of inflation.

The Bank cut interest rates from 5.25% to 5% in August, which was the first drop in more than four years.