Latest Property News
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Frome House Price Review: The December 2024 Update
Frome homeowner or landlord? Curious about the trends in the Frome property market? One measure is the average price paid for homes bought and sold in Frome in the last 12 months, on a rolling month by month basis.
Each month we like to share this figure, and whilst this figure alone will not tell you much, its trend will. Our followers on social media know we write regular articles on the Frome property market. It is in those articles we expand and clarify what these monthly figures mean to you.
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The UK Rental Market in 2024: A Story of Change and Contrast
This graphic highlights the average rent paid for new private tenancies across the 12 UK regions in 2024.
Unsurprisingly, London sits at the top, with rents averaging a staggering £2,883 per calendar month – just under double the next highest region.
Here’s the full list, ranked by average rent:
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First-Time Buyer Mortgage Payments: A Regional Breakdown
Recent data from Nationwide highlights the percentage of a first-time buyer’s take-home pay required to cover mortgage payments across the UK. While these figures may seem high, it’s important to note that they are, between 20% to 40% lower than in the late 1980s, when interest rates were significantly higher. This offers some perspective, especially given the challenges faced by first-time buyers in today’s Frome property market.
Here is a breakdown of the data by region, starting with the highest:
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The Frome Baby Boomer Housing Paradox: Wealth in Property, But Nowhere to Go
For decades, baby boomers in the UK have been the quiet beneficiaries of a housing market that has worked in their favour. Rising property prices and a growing housing shortage have pushed home values sky-high, giving this generation substantial equity in their homes. However, as more and more boomers enter retirement age, a new reality sets in, and the properties they need for this next stage of life are almost impossible to find.
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Average 5 Year Mortgage Rates in the UK
The graphic illustrates the average five-year fixed mortgage rate in the UK from 2000 to 2024. While there has been a noticeable rise in mortgage rates over the past couple of years, it’s worth highlighting that today’s rates are still significantly below the peaks we witnessed in the early 2000s and during the financial crisis. This perspective is essential for homeowners and buyers in Frome to consider.
For local property buyers and sellers, these shifts in mortgage rates have a direct impact. Higher rates can tighten affordability for buyers, while sellers may see some softening in demand. However, compared to historic highs, today's rates remain competitive, and well-prepared buyers can still secure favourable deals with the right guidance.
