{"id":102153,"date":"2024-06-03T12:25:51","date_gmt":"2024-06-03T11:25:51","guid":{"rendered":"https:\/\/www.rightmove.co.uk\/news\/?page_id=102153"},"modified":"2024-06-17T16:31:15","modified_gmt":"2024-06-17T15:31:15","slug":"election","status":"publish","type":"page","link":"https:\/\/www.rightmove.co.uk\/news\/election\/","title":{"rendered":"General election 2024"},"content":{"rendered":"<p><a href=\"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-102261\" src=\"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay.jpg\" alt=\"Your housing questions answered\" width=\"1600\" height=\"566\" srcset=\"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay.jpg 1600w, https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay-300x106.jpg 300w, https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay-1024x362.jpg 1024w, https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay-768x272.jpg 768w, https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay-1536x543.jpg 1536w, https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay-1220x432.jpg 1220w, https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay-1140x403.jpg 1140w, https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay-534x189.jpg 534w, https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay-724x256.jpg 724w, https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay-1534x543.jpg 1534w, https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/YourHousingQuestionsAnsweredCopyOverlay-1200x425.jpg 1200w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/a><\/p>\n<p><span data-contrast=\"none\">We think it\u2019s really important that housing is a priority focus for whichever party wins the election on 4 July.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335557856&quot;:16777215,&quot;335559739&quot;:240,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">We don\u2019t know exactly which changes could come in and when, so in the meantime, our experts have answered the questions you recently asked us about the housing market.<\/span><\/p>\n<ul>\n<li><a href=\"#first-time-buyers\">First-time buyers<\/a><\/li>\n<li><a href=\"#house-prices\">House prices<\/a><\/li>\n<li><a href=\"#housing-market-activity\">Housing market activity<\/a><\/li>\n<li><a href=\"#stamp-duty\">Stamp duty<\/a><\/li>\n<li><a href=\"#mortgages\">Mortgages<\/a><\/li>\n<li><a href=\"#green\">Making homes greener<\/a><\/li>\n<\/ul>\n<h2 id=\"first-time-buyers\">First-time buyers<\/h2>\n<h3>Why is it so hard to get on the property ladder?<\/h3>\n<p><span data-contrast=\"auto\">It\u2019s hard to take that first step on the ladder, especially when you\u2019re paying rent at the same time as saving for a deposit, and house prices have gone up over 20% in 5 years. Over the past few years we\u2019ve seen people making their search area bigger to try and afford somewhere that still matches what they need, but it\u2019s definitely a huge milestone to get your first home.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<h3>What\u2019s being done to help first-time buyers?<\/h3>\n<p><span data-contrast=\"auto\">It probably won\u2019t come as any surprise that the change renters would most like to see from the next government is more help with getting onto the property ladder. Schemes such as Help to Buy have now finished in England and Scotland, but is still available in Wales.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Our mortgage expert Matt Smith suggests a review of mortgage affordability criteria could help: \u201cThere\u2019s an opportunity to unlock greater affordability in a responsible way, which could help more first-time buyers get on the ladder. First-time buyers are already taking out longer mortgage terms and lender innovation has included the introduction of longer-term fixed rates that are likely to be part of the solution as they help by ensuring certainty of payments.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335557856&quot;:16777215,&quot;335559739&quot;:510,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cVarious mortgage schemes have played their part and supported a number of people, and we know from our study that people would like to see new schemes introduced, but we think longer-term solutions would be more effective than short-term schemes. Either way, it\u2019s most likely that regulatory change is needed, so it\u2019s critical that the government works with regulators and lenders from day one on any mortgage solutions, to ensure buy-in and take up, which will in turn create more options for first-time buyers.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335557856&quot;:16777215,&quot;335559739&quot;:510,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">At the moment, first-time buyers in England and Northern Ireland don\u2019t pay any stamp duty on homes costing up to \u00a3425,000. But if the stamp duty relief isn\u2019t extended, this will revert back to \u00a3300,000 from the end of March 2025.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335557856&quot;:16777215,&quot;335559739&quot;:510,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Making these stamp duty changes permanent was one of four <a href=\"https:\/\/www.rightmove.co.uk\/news\/articles\/property-news\/general-election-2024-housing-changes-needed\/\">changes we think could be put in place to help home-movers<\/a>.<\/span><\/p>\n<h2 id=\"house-prices\">House prices<\/h2>\n<h3>Will house prices go up after the election?<\/h3>\n<p><span class=\"TextRun SCXW122280928 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW122280928 BCX0\">We don\u2019t have a crystal ball, but we do have lots of data to help us see what might happen. Right now<\/span><span class=\"NormalTextRun SCXW122280928 BCX0\">, <\/span><span class=\"NormalTextRun SCXW122280928 BCX0\">we think house prices will <\/span><span class=\"NormalTextRun SCXW122280928 BCX0\">remain broadly flat this year, <\/span><span class=\"NormalTextRun SCXW122280928 BCX0\">drop<\/span><span class=\"NormalTextRun SCXW122280928 BCX0\">ping<\/span><span class=\"NormalTextRun SCXW122280928 BCX0\"> by about 1%. If <\/span><span class=\"NormalTextRun SCXW122280928 BCX0\">a big change<\/span><span class=\"NormalTextRun SCXW122280928 BCX0\"> in policy came in that led to much more activity<\/span><span class=\"NormalTextRun SCXW122280928 BCX0\">,<\/span><span class=\"NormalTextRun SCXW122280928 BCX0\"> then we might see prices go up, but the market right now is stable with more people finding a home to buy than at this time last year.<\/span><\/span><span class=\"EOP SCXW122280928 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<h3>Why hasn\u2019t the predicted house price crash happened this year?<\/h3>\n<p><span data-contrast=\"auto\">You may have seen some people predicting a crash, but it\u2019s not something we could see any signs of in our data \u2013 in fact, we think house prices will drop by around 1% this year. There are of course still challenges to moving, but there\u2019s been more activity over the past few months than this time last year.<\/span><\/p>\n<h2 id=\"housing-market-activity\">Housing market activity<\/h2>\n<h3>Would it be best to wait until after the election results before buying a property?<\/h3>\n<p><span data-contrast=\"auto\">We asked people that, and 95% of people said they were getting on with it. If you\u2019re\u202factively looking and you find somewhere you love, then it\u2019s worth knowing that it could take around seven months between getting your offer accepted and picking up the keys. It\u2019s also a huge decision you\u2019re making, which is why we think most people are getting on with it, especially as we don\u2019t know what could come in with the next government.<\/span><\/p>\n<p><span data-contrast=\"auto\">Plus, if previous general elections are anything to go by, we often see a bounce in activity in the period after the vote. <\/span><a href=\"https:\/\/www.rightmove.co.uk\/news\/articles\/property-news\/general-election-housing-market-trends\/\"><span data-contrast=\"none\">Buyer demand increased in the months immediately after the 2015 and 2019 elections<\/span><\/a><span data-contrast=\"auto\">.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Our property expert, Tim Bannister, says: \u201cPrevious elections would indicate we may be set for a particularly strong summer once the election is over, especially if interest rates start to fall. However, every election is different, and it would depend on whether any significant housing policies are also introduced, so we\u2019ll need to wait and see what happens to have a better view of activity for the rest of the year.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<h3>What can be done to make the home-buying process easier, and speed it up?<\/h3>\n<p><span data-contrast=\"auto\">Our study found that simplifying the buying process is placed second in the list of changes people would most like to see.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">At the moment, the time it takes from a home first being put on the market for sale, through to handing over the keys, is averaging more than seven months, and this isn\u2019t showing any signs of improving. <\/span><span data-contrast=\"none\">We think that the next government, working closely with the property industry, should prioritise speeding up the home-moving process to encourage a less stressful and more seamless process for home-movers.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">We also want to see longer-term solutions to help more home-movers across the UK, rather than short-term schemes that only help people at a certain time.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<h3>Will anything be done to stop buyers being gazumped?<\/h3>\n<p><span data-contrast=\"none\">Gazumping occurs when a seller accepts an offer from a buyer, but then another buyer comes into the picture and makes a higher offer \u2013 which is then accepted by the seller.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As frustrating as it can be, gazumping is legal in England and Wales.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Take a look at some of our <\/span><a href=\"https:\/\/www.rightmove.co.uk\/news\/articles\/property-news\/what-is-gazumping-rightmove-guide\"><span data-contrast=\"none\">tips to help avoid being gazumped<\/span><\/a><span data-contrast=\"none\">, as well as things you can do if it happens to you.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2 id=\"stamp-duty\">Stamp duty<\/h2>\n<h3>Will the next government reduce stamp duty?<\/h3>\n<p><span data-contrast=\"none\">Since 2022, first-time buyers in England and Northern Ireland have been exempt from paying stamp duty on properties priced up to \u00a3425,000. However, this relief is due to end on 31 March 2025. You can <\/span><a href=\"https:\/\/www.rightmove.co.uk\/guides\/buyer\/once-offer-accepted\/cost-of-buying\/\"><span data-contrast=\"none\">check the current stamp duty thresholds here,<\/span><\/a><span data-contrast=\"none\"> or if you\u2019re moving and know your budget, take a look at how much you might pay using our <\/span><a href=\"https:\/\/www.rightmove.co.uk\/stamp-duty-calculator\"><span data-contrast=\"none\">stamp duty calculator<\/span><\/a><span data-contrast=\"none\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335557856&quot;:16777215,&quot;335559739&quot;:510,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Stamp duty costs &#8211; especially in higher-priced locations &#8211; could be preventing thousands of people from moving. We asked more than 14,000 potential home-movers what changes they would most like to see from the next government and the top priority was reform of the stamp duty system.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335557856&quot;:16777215,&quot;335559739&quot;:510,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Tim adds: \u201cAt the very least, the next government should make the current changes to first-time buyer stamp duty charges in England and Northern Ireland permanent. But there\u2019s also a bigger opportunity to reform stamp duty to encourage more movement up and down the property ladder. With such regional differences in property prices, increasing stamp duty thresholds in line with these regional differences would seem a logical first step for stamp duty reform.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335557856&quot;:16777215,&quot;335559739&quot;:510,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<h2 id=\"mortgages\">Mortgages<\/h2>\n<h3>Why have mortgage rates risen in recent years?<\/h3>\n<p><span data-contrast=\"none\">Mortgage rates are influenced by a broad range of factors, but key among them is the <\/span><a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/mortgage-rates\/interest-rates\/\"><span data-contrast=\"none\">Bank of England Base Rate<\/span><\/a><span data-contrast=\"none\"> and where the financial markets think it will go over the next few years. The market forecast is really important, as this forms the underlying costs that lenders pay to offer fixed-rate mortgages, which is known as \u2018Swap Rates\u2019.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">When inflation rises, the Bank of England has to react as the government has set the Bank a target to keep it at 2%. One of the main tools the Bank uses to control inflation is to change the Base Rate. Inflation peaked at 11% in the UK, so the Bank of England started to increase the Base Rate from 0.1% in December 2021, gradually raising it up to 5.25% by August 2023.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">As the market forecasted that the Base Rate would rise in the face of rising inflation, which was created on the back of the Coronavirus pandemic and unexpected global events, such as the war in Ukraine, mortgage rates increased.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The <\/span><a href=\"https:\/\/www.rightmove.co.uk\/news\/articles\/property-news\/housing-market-mini-budget-what-has-happened\/\"><span data-contrast=\"none\">Mini-Budget<\/span><\/a><span data-contrast=\"none\"> in the Autumn of 2022 accelerated things, as markets forecast that unfunded tax cuts would result in inflation peaking at a higher rate than previously anticipated.\u00a0 Over the last 2 years, there has been a roller-coaster of events that has seen mortgage rates reduce when there is positive economic news, and then increase again when things don\u2019t work out as the markets forecasted.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">We\u2019re now in a position where the financial markets are predicting that the Bank of England Base Rate has peaked, and <\/span><a href=\"https:\/\/www.rightmove.co.uk\/news\/articles\/property-news\/current-uk-mortgage-rates\/\"><span data-contrast=\"none\">mortgage rates<\/span><\/a><span data-contrast=\"none\"> have stabilised over the last few weeks. The market predicts that the Base Rate will start to fall in the next few months, and we should then see mortgage rates start to fall back.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The fall in mortgage rates is likely to be gradual, and we don\u2019t expect to see prices return to the ultra-low prices that we had back in 2021.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Our mortgage expert Matt Smith says: \u201cRight now, the financial markets are predicting that the Base Rate is at its peak. It\u2019s thought interest rates will start to come down in the second half of this year, and then we could expect fixed-rate mortgage products to start to follow the same path with average rates reducing as we head into the Autumn beyond.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3>Why can\u2019t my payments stay the same when I remortgage?<\/h3>\n<p><span data-contrast=\"none\">If you\u2019re on a fixed-rate mortgage, it means your payments will stay the same for the duration of the deal, with the most popular being either 2 or 5 years. This gives you peace of mind, as it protects against fluctuating payments and means that if interest rates go up, you won\u2019t be impacted.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Of course, when your deal ends, rates and your circumstances can change significantly, and you will have to choose from the rates available at that time.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">If you took out your current mortgage 5 years ago, rates are likely to be a lot higher now. This is primarily due to Base Rate rising from 0.1% in 2021 to 5.25% by August 2023, as a way of combating inflation that shot up and eventually peaked at 11%.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Finding a new mortgage rate that\u2019s right for you, and taking action early is important, because when your fixed rate ends, you will automatically move on to the lender\u2019s Standard Variable Rate (SVR). This is set by the lender and will usually be quite a lot higher than the fixed rate you had been paying \u2013 and will also be higher than a new fixed rate from either your current lender, or the rate you would get by remortgaging with another lender.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The mortgage market has also seen recent innovation. New lenders are offering longer-term, fixed-rate mortgages that could lock in your payment for the whole of your mortgage term (up to 40 years). A <\/span><a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/how-to-get-a-mortgage\/mortgage-broker-adviser\/\"><span data-contrast=\"none\">mortgage broker<\/span><\/a><span data-contrast=\"none\"> will be able to help you understand the options that are available to you, and help you navigate all of the different choices you have.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">If you\u2019ll struggle to afford your new payment, almost all lenders in the UK signed up to the <\/span><a href=\"https:\/\/www.rightmove.co.uk\/news\/articles\/property-news\/mortgage-charter-help-for-borrowers\/\"><span data-contrast=\"none\">Mortgage Charter<\/span><\/a><span data-contrast=\"none\"> in 2023. This allows you to take actions that can help manage higher payments. If you\u2019re in financial difficulty and will struggle to maintain your mortgage payment, you should always speak to your lender first, as they will be best placed to help you.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Read more: <\/span><a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/financing\/how-much-can-i-borrow-with-a-mortgage\/\"><span data-contrast=\"none\">How much can I borrow with a mortgage<\/span><\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3>What could be done to help first-time buyers?<\/h3>\n<p><span data-contrast=\"none\">Elevated mortgage rates in recent years have made it challenging for people trying to juggle paying rent, saving for a deposit, and earning enough to be accepted for a mortgage. This is especially true for people trying to buy on their own.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Our mortgage expert Matt Smith suggests a review of mortgage affordability criteria could help: \u201cThere\u2019s an opportunity to unlock greater affordability in a responsible way, which could help more first-time buyers get on the ladder. First-time buyers are already taking out longer mortgage terms and lender innovation has included the introduction of longer-term fixed rates that are likely to be part of the solution as they help by ensuring certainty of payments.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cVarious mortgage schemes have played their part and supported a number of people, and we know from our <\/span><a href=\"https:\/\/www.rightmove.co.uk\/news\/articles\/property-news\/general-election-2024-housing-changes-needed\/\"><span data-contrast=\"none\">recent survey<\/span><\/a><span data-contrast=\"none\"> that people would like to see new schemes introduced, but we think longer-term solutions would be more effective than short-term schemes. Either way, it\u2019s most likely that regulatory change is needed, so it\u2019s critical that the government works with regulators and lenders from day one on any mortgage solutions, to ensure buy-in and take up, which will in turn create more options for first-time buyers.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3>What will happen to mortgage and interest rates, and will they be impacted by which party wins the election?<\/h3>\n<p><span data-contrast=\"none\">The Bank of England\u2019s Base Rate \u2013 or <\/span><a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/mortgage-rates\/interest-rates\/\"><span data-contrast=\"none\">interest rate<\/span><\/a><span data-contrast=\"none\"> \u2013 isn\u2019t decided by the government. While the Bank is owned by the UK government, it has had independence for setting monetary policy since May 1997. The Bank\u2019s Monetary Policy Committee is responsible for the UK\u2019s financial stability, setting the Bank Rate, and for the regulation of banks and insurance companies.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Our mortgage expert Matt Smith says: \u201cIt\u2019s difficult to predict when we could start to see sizeable drops in <\/span><a href=\"https:\/\/www.rightmove.co.uk\/news\/articles\/property-news\/current-uk-mortgage-rates\/\"><span data-contrast=\"none\">mortgage rates<\/span><\/a><span data-contrast=\"none\">, mostly because their movement is dependent on what happens with the Base Rate, inflation, swap rates, and if there are any unexpected shocks to the economy.\u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cThe big picture remains the same \u2013 the Base Rate is unlikely to rise further, and if it does come down in the second half of this year, as expected, then mortgage rates could have some room to come down, before settling.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The fall in mortgage rates is likely to be gradual, and we won\u2019t see prices return to the ultra-low rates that we had in 2021.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">You can <\/span><a href=\"https:\/\/www.rightmove.co.uk\/news\/articles\/property-news\/current-uk-mortgage-rates\/\"><span data-contrast=\"none\">check the current average UK mortgage rates here<\/span><\/a><span data-contrast=\"none\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2 id=\"green\">Making homes greener<\/h2>\n<h3>Will the next government keep the heat pump grant in place?<\/h3>\n<p><span data-contrast=\"auto\">It\u2019s hoped that tackling climate change will be high on the agenda for some of the political parties.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">At the moment, households can access grants of up to \u00a37,500 towards the cost of replacing a gas boiler with a heat pump. Right now, it looks like the existing <\/span><a href=\"https:\/\/www.rightmove.co.uk\/guides\/energy-efficiency\/grants-and-schemes\/boiler-upgrade-scheme\/\"><span data-contrast=\"none\">Boiler Upgrade Scheme<\/span><\/a><span data-contrast=\"auto\"> could stay, as a way to help people switch to a cleaner, greener heating system.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">But by December 2023, the number of heat pumps installed was less than half the projected number, and the scheme has achieved lower-than-expected uptake.\u00a0 Incentives to help people make green improvements to their homes was the third most-requested change from home-owners in our recent survey, and we think that households need better and easier access to schemes that help them go greener at home.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><em>The <a href=\"https:\/\/www.rightmove.co.uk\/properties\/148280801#\/?channel=RES_BUY\">header image<\/a> for this page was provided courtesy of <a href=\"https:\/\/www.rightmove.co.uk\/estate-agents\/agent\/Inigo\/London-233495.html\">Inigo, London<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We think it\u2019s really important that housing is a priority focus for whichever party wins the election on 4 July.\u00a0 We don\u2019t know exactly which changes could come in and when, so in the meantime, our experts have answered the questions you recently asked us about the housing market. First-time buyers House prices Housing market [&hellip;]<\/p>\n","protected":false},"author":77,"featured_media":102213,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":"","author_profile":""},"class_list":["post-102153","page","type-page","status-publish","has-post-thumbnail","hentry"],"wgd_featured_image":{"id":102213,"media_details":{"width":1024,"height":683,"file":"2024\/06\/InigoWiltshire1.jpeg","filesize":199018,"sizes":{"medium":{"file":"InigoWiltshire1-300x200.jpeg","width":300,"height":200,"mime-type":"image\/jpeg","filesize":41592,"source_url":"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/InigoWiltshire1-300x200.jpeg"},"thumbnail":{"file":"InigoWiltshire1-150x150.jpeg","width":150,"height":150,"mime-type":"image\/jpeg","filesize":15182,"source_url":"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/InigoWiltshire1-150x150.jpeg"},"medium_large":{"file":"InigoWiltshire1-768x512.jpeg","width":768,"height":512,"mime-type":"image\/jpeg","filesize":210512,"source_url":"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/InigoWiltshire1-768x512.jpeg"},"image-slider":{"file":"InigoWiltshire1-960x640.jpeg","width":960,"height":640,"mime-type":"image\/jpeg","filesize":298799,"source_url":"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/InigoWiltshire1-960x640.jpeg"},"thumbnail-double":{"file":"InigoWiltshire1-495x330.jpeg","width":495,"height":330,"mime-type":"image\/jpeg","filesize":100487,"source_url":"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/InigoWiltshire1-495x330.jpeg"},"medium-double":{"file":"InigoWiltshire1-660x440.jpeg","width":660,"height":440,"mime-type":"image\/jpeg","filesize":162183,"source_url":"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/InigoWiltshire1-660x440.jpeg"},"rm-home-pod":{"file":"InigoWiltshire1-740x400.jpeg","width":740,"height":400,"mime-type":"image\/jpeg","filesize":167469,"source_url":"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/InigoWiltshire1-740x400.jpeg"},"post-thumbnail":{"file":"InigoWiltshire1-150x150.jpeg","width":150,"height":150,"mime-type":"image\/jpeg","filesize":15182,"source_url":"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/InigoWiltshire1-150x150.jpeg"}},"image_meta":{"aperture":"6.3","credit":"","camera":"NIKON D850","caption":"","created_timestamp":"1715353109","copyright":"","focal_length":"19","iso":"160","shutter_speed":"0.000625","title":"","orientation":"0","keywords":[]}},"post":102153,"source_url":"https:\/\/www.rightmove.co.uk\/news\/content\/uploads\/2024\/06\/InigoWiltshire1.jpeg"},"acf":{"author_profile":[]},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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