The developers of major Yorkshire say they will be able to see the golden age of the housing market over the next two years.
Paul Brown, who lives in Easingwald and manages director of Vivly Living, said that in conjunction with Labour's planning reforms, a sustained downward trend in interest rates will lead to a golden age of housing markets over the next two years.
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Brown expects the rate to fall to 3.5% by the end of the year due to forecasts of four base rate reductions.
The decline in base rates to 4.5% last month is difficult immediately following the proposal to ease mortgage rules to boost the housing market. At the same time, workers' bureaucracy and willingness to reduce red tape to stimulate home buildings have given housing developers much needed trust in the future.
Boss Paul Brown of Vivly Holmes, who lives in Easingwald, says the housing market may be facing a “golden age” (Image: Yorkshire Country Properties) “Together, these three announcements and trends are very good news. They provide a timely lift for housing markets across Yorkshire and across the UK. We note that despite the falling headline inflation, banks are making decisions too soon to make decisions that could rekindle inflation pressures.
“The past few years have been tough for homeowners and those trying to ride the real estate ladder, but there are signs of change: mortgage transactions fees begin to decline, making it easier to get a mortgage.
“We hope that this base rate cut last month will provide a new wave of confidence and affordability for many. With the government working to deliver nearly 2 million new homes, the bank's decision could be a real turning point for homeowners and those looking to buy.
“After months of political uncertainty, there is a lot of pent-up demand in the market, and reducing the base rate is the catalyst we have been waiting for.
“We have seen this uptick demand being released across the market and as interest rates begin to fall, we have seen monthly mortgage approvals consistently sit at a high level.
Vivly Living is currently developing three successful West Yorkshires in Huddersfield, Shepley, Skelmanthorpe and Skelmanthorpe near Denby Dale.
Brown said: “This interest rate and the stability of more aggressive market sentiment in general have led to increased survey levels and sales across all three sites, particularly in the home price sector of over £400,000.”
Vivly Homes Shepley Developed (Image: Supplied)
