Wapping & Limehouse market focus, Autumn 2023
the average price uplift in Tower Hamlets 2013 –2023
average price rise in Tower Hamlets, year to July 2023
annual change in number of properties available for sale, E1, E1W
rise in achieved rents E1, E1W Aug 2023 v Aug 2022
tenant demand stable, Q3 2023
Sources: Land Registry, Gov.UK, Lonres, Cluttons, Rightmove, Zoopla
The Bank of England has raised the base rate multiple times this year, but the messaging from rate-setters at the central bank is that we could be nearing the peak. This has allowed the money market rates, which determine the price of fixed-rate mortgage lending to fall back a little. This, coupled with increasing competition for business among mortgage lenders, means mortgage rates have been trimmed over the last month or two. Two-year fixed mortgages are available from around 5.62% although this falls to under 5% for those with a higher deposit or higher levels of equity. Even so, the affordability calculations for buyers has changed materially compared to 18 months ago, with stress testing limiting the level of borrowing for many potential buyers, reducing budgets for purchase in many cases.
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