The Bank of England has held the Base Rate at 3.75%, giving buyers and homeowners greater certainty over borrowing costs.
For families considering a move in Richmond, Twickenham, Teddington, Hampton and the surrounding areas, the decision provides a more stable backdrop against which to plan their finances and assess the mortgage products currently available.
Myles Moloney, Regional Director at Chase Buchanan, said:
“Holding the Base Rate provides greater certainty for people planning their next move. Families can make decisions based on the mortgage products available today and plan with more confidence around their monthly costs.
“For many buyers, moving home is about much more than short term market conditions. It is about finding the right area for their children’s schooling, gaining more space and choosing a home that provides long term stability and a better lifestyle.
“We continue to see particularly strong demand for family houses, especially detached and semi-detached homes. Well-presented properties in good locations, close to schools, transport links and local amenities, are attracting serious interest from buyers looking to put down roots for the longer term.”
Mortgage approvals for house purchases rose from 56,600 in May to 58,200 in June, according to the Bank of England.
Across South West London family buyers are continuing to prioritise space, good schools, convenient transport links and access to parks and the River Thames.
Demand is particularly strong for well-presented detached and semi-detached homes in established residential neighbourhoods, where buyers can settle for the longer term.
Myles continued: “The first step for anyone considering a move should be to establish a clear and comfortable budget and then focus on the homes and locations that genuinely meet their family’s longer-term needs.
“Demand remains strong for the right family homes, and buyers who are financially prepared are ready to act when a suitable property becomes available. This means sellers of good-quality detached and semi-detached houses may be in a particularly strong position.
“For families considering their next chapter, continued stability in the base rate is positive news. It provides an opportunity to plan with confidence and make a move based on schooling, space, lifestyle and what is right for their future.”