Britain’s property market renaissance continues, like a phoenix rising from the ashes of pessimism, however geopolitical storm clouds and interest rate volatility gather on the horizon. The combination of a competitive mortgage landscape and the potential for further interest rate cuts has created an environment ripe for increased buyer activity. Furthermore, there is growing optimism among surveyors, with 54% anticipating price increases over the coming year.

However, the recent conflict escalation in the Middle East has injected a new element of uncertainty into the housing market outlook. While the BoE had previously hinted at potential rate cuts, the geopolitical situation has complicated the economic landscape, potentially delaying any easing of monetary policy. Despite the long-term trajectory for mortgages remaining downward, this trend is likely to be interspersed with periods of volatility and uncertainty, as evidenced by a cavalcade of lenders already increasing rates.