The UK economy may be slowly recovering but many Brits are still feeling the financial pressure, with one in 10 homeowners struggling to meet their monthly mortgage repayments*. So, what should you do if you find yourself in this difficult situation?

2024 was a significant year for the UK property market; Labour’s landslide general election win ended 14 years of Conservative rule in Britain, plus the Bank of England reduced interest rates in August after being held at 5.25% for a year. Here’s a roundup of the housing and mortgage markets at the end of 2024.

Consumers are continuing to rebuild their confidence, with mortgage approvals hitting the highest level in nearly two years*.

Mortgage lenders are making efforts to speed up their Application to Offer process*.

Cuts to Bank Rate may be expected to ease some short-term financial pressure this year, but a report from the Bank of England suggests that mortgage payments are likely to rise for around three million households by 2026.

Following Labour’s landslide election win, much of the nation is waiting to find out what is in store for the UK housing market. Many major policy changes will be announced in the Autumn Budget on 30 October, but Housing Secretary Angela Rayner has already announced the new draft of the National Planning Policy Framework (NPPF), which is now out for consultation until September.

Following a slight dip in April, UK house prices showed modest growth in May.

As the UK adjusts to the aftermath of the General Election, many will be wondering what this means for the housing market. However, analysis of previous election periods suggests that home movers are largely unfazed by changes in Parliament.