The Bank of England has held the Base Rate at 3.75%, providing greater certainty for buyers and homeowners as the autumn property market gets under way.
The decision means borrowers with mortgages directly linked to the Base Rate will see no immediate change to their repayments. Buyers can also continue assessing the mortgage products currently available without having to factor in an immediate rate increase.
The wider housing market remains price-sensitive, but there are signs that buyer confidence is beginning to recover. Zoopla’s latest House Price Index found that searches for homes were 7% higher than a year earlier, although sales agreed remained below last year’s level.
The latest RICS UK Residential Market Survey also indicates that the market remains subdued, but that the recent downturn may be easing.
Chase Buchanan provides residential sales, lettings and property management services across Richmond and the surrounding areas of South West London. Its local teams support buyers and sellers with practical advice based on current market conditions and detailed knowledge of their area.
The agency is seeing local buyers continue to prioritise space, good schools, convenient transport links and access to parks and the River Thames.
Family houses in established residential areas remain particularly popular, with financially prepared buyers ready to move when the right home becomes available.
However, realistic pricing remains important while affordability continues to shape buyer decisions.
Michael Peacock, Head of Chase Buchanan, said: “Holding the Base Rate provides welcome stability for people planning their next move.
“Across South West London, we continue to see demand from families looking for more space, strong schools and a home that will meet their longer-term needs.
Well-presented properties in good locations are attracting serious interest, although sellers still need to price accurately for current market conditions.”