Hunters Pontypridd

February 2024 mortgage approvals levels were 40% above their level in February 2023.

A year ago mortgage approvals hit their lowest levels (39,900) since the Global Financial Crisis (with the exception of Covid).

Latest data shows that has recovered to 60,400, in line with the long-term monthly average.

Mortgage approvals are a good leading indicator for market activity. Further sustained improvement should feed through to transaction activity.

Affordability still needs to rebalance further for a more widespread recovery in the market but recent market signals continue to support a tentative recovery.

Source: , Bank of England. Note: Long-term average is for the 10 years to 2019 (pre Covid)

📝 Professional Pole Monday 📝

This week asked property professionals:

❓ Have you seen an increase in buy-to-let landlords buying in the last three months and if yes, which type?

🚫 At over 75% the answer was a definite no.

At Hunters we feel that portfolio landlords are looking to add to their portfolios. This might be that in Wales we have already gone through our change in regulations, in England the changes are still to come.

🏘️ If you are a landlord looking for more properties, give our lettings and sales team a call, we have always got buy to let opportunities available.

https://www.hunters.com/office/bridgend/

📈 The rental market is experiencing unprecedented demand across the UK and here in we are no different.

🏃‍️ Properties in our region are being rented in out in record times with multiple applicants per property.

🏘️ If you are a landlord looking for new tenants come and talk to our lettings teams to discuss our services.

📞 Book a rental valuation here: https://www.hunters.com/office/pontypridd/

Monitoring the outlook for various economic indicators gives us a good view on both the current and future direction of the housing market.

At the Bank of England March meeting the bank rate was held at 5.25% but the governor announced "We are on the way" to interest rate cuts. This aligns with consensus forecasts for the bank rate to be 4.4% by Q4 2024.

Better news on inflation is helping build the case for lower interest rates. The February inflation data showed a headline CPI rate of 3.4% from 4.0% a month before.

Consensus forecasts suggests inflation will be very close to the target rate of 2.0% by Q4 2024.

Source: , HM Treasury Consensus Forecast, March 2024. Growth rates are annual average or Q4 v Q4.

📖 Are you a compliant landlord, are your rental properties fit for purpose and up to date with the new regulations?

🚑 Why not book a health check on your property or portfolio.

😵 Many landlords come to us having self managed for years and find themselves in a bit of a muddle.

✔️ We'll make sure that you and your property are fully legal and compliant.

https://www.hunters.com/office/pontypridd/

🏡 One for the landlords

📊 In Pontypridd nearly 39% of all renters are in the age bracket of 25-34, this is this is evenly split between 2 brackets.

At Hunters we know our rental stats, give our lettings team a call and let us find new tenants for your property.

https://www.hunters.com/office/bridgend/

The average price of a property coming to market has risen by 1.5%, compared to a historic average uplift of 1% for March and taking it to £368,118 (+£5,279).

This marks the third consecutive monthly price rise and is the largest uptick in 10 months, with increased demand pushing up asking prices.

However prices remain an average £4,776 below the May 2023 peak so buyers are sensing a window of opportunity.

Almost two thirds of agents (64%) say there are 3 or more prospective buyers for each property available. However realistic pricing remains key.

Source: Poll of Subscribers, Rightmove. March 2024