The developers of major Yorkshire have been warmly welcoming the Bank of England's interest rate cuts last week.
Oliver Bottomley
Oliver Bottomley, who lives with the award-winning Huddersfield-based vivivly, gives much needed hope to the UK housing market with his decision to cut the bank's base interest rate by 0.25% from 4.75% to 4.50%. He said he did it.
This is following a 0.25% reduction in November, with the lowest base rates since June 2023.
Bank of England governor Andrew Bailey said the bank is taking a gradual and cautious approach to further cut interest rates, warning of the lack of growth within the UK economy.
This interest rate reduction is difficult immediately after proposals to ease mortgage rules to stimulate the housing market.
Oliver commented: “To sum up, these two announcements are very good news. They bring timely confidence boosts to the Yorkshire housing market and across the UK. Despite falling headline inflation, banks continue to be cautious about quickly determining decisions that could rekindle inflationary 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 are falling and you can get a mortgage I hope it will be easier. And I highly hope that more cuts will continue.
“We hope that this base rate cut in November and yesterday will provide many with a new wave of confidence and affordability. The government is committed to delivering nearly 2 million new homes. As such, bank decisions can 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 reductions in base rates are the catalyst we've been waiting for. This surge in demand has been released across the market. , we have seen monthly mortgage approvals consistently sit at a high level as interest rates begin to fall.
Previously a Yorkshire country property, Vivly Living is currently successfully developing three West Yorkshires at Shepley, Skelmanthorpe and Denby Dale.
Oliver added: “The stability of interest rates and more optimistic 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.
“It is very important to remember that despite some pessimists might say, every part of the new housing market has not declined. The starter home initiative on three sites is First-time buyers who are eager to stop paying high rents and climbing the real estate ladder for the first time are very successful. Also, the demand for attractive, attractive family homes is well priced There is also strong evidence to suggest that they are healthy and should gather a pace for the next 12 months.”
Vivly Living was finalized in the Housing Project of the Year category due to the success of Knowle Grange Development at Shepley and the company won regional and national awards last year.
Phase 1 of Knowle Grange consists of 31 homes, all of which are for sale.
“Shepley development is a great showcase for us. We are very conscious of building a house with both personality and personality, which blends seamlessly with their immediate surroundings. Traditional The stone exterior, combined with modern decor and stunning scenery, makes our characteristics extremely high and unique. We are delighted that they have proven so popular.”
