Market Update - February 2024
Sam Norris, CEO of UnionX Group, Managing Director of Grand Union Finance & our Strategic Partnerships Adviser at Let’s NVST shares his monthly market update.
Mortgage Market: Stability Prevails After Rate Rollercoaster
So far in 2024, there has been numerous rate drops as mortgage lenders clamour for market share in a property market that is already seeing signs of a dramatic drop off in activity. While the fierce competition among lenders might have subsided, there's good news – current rates remain significantly lower than 2023 levels. This presents a window of opportunity for savvy investors seeking attractive financing terms for their next project.
Recession Looms, But Base Rate Holds Firm
The recent dip into recession might raise concerns about rising borrowing costs. However, the Bank of England's gaze remains firmly fixed on inflation. Until they see inflation tamed, any expectation of a base rate cut is likely premature. This means a stable lending environment, but careful cost management remains crucial for investors navigating a potentially tighter economy.
Bridging Finance: Speed Meets Efficiency with Automated Valuations
Bridging finance is often the fuel that propels property deals forward. Exciting news in this arena comes from the increasing adoption of automated valuation models (AVMs). These AI-powered tools analyse market data to estimate property value, potentially eliminating the need for traditional physical valuations. This translates to faster loan approvals and potentially lower costs – a welcome boost for investors seeking swift and cost-effective financing solutions.
Grand Union Finance: Your Compass in Uncertain Seas
While the market might ebb and flow, Grand Union Finance remains your steadfast partner. Our team of experts possesses the knowledge and experience to navigate any economic climate, tailoring personalised strategies to your unique investment goals. Whether you're a seasoned investor or just starting your journey, we offer comprehensive guidance, access to exclusive deals, and the support you need to make informed decisions and seize opportunities.
Contact us today for a free consultation and unlock the full potential of your property investment journey through tailored financial advice.
Email: info@grandunionfinanceltd.co.uk
Phone: 0121 828 1400
